(PBOC), the country's central bank, announced Sunday that
China will allow overseas financial institutions in Shanghai and
Shenzhen to engage in Chinese Renminbi business as of December 11,
the day when China will formally become a member of the World Trade
Organization (WTO).
Overseas financial institutions in Tianjin and Dalian will be
allowed to apply to engage in Renminbi business starting the same
day, according to PBOC sources.
China will allow overseas financial institutions to provide foreign
exchange services to all units and individuals within Chinese
territory, on condition that the institutions accordingly increase
their operating capital or minimum capital requirements, and change
their operation licenses.
Starting December 11, overseas non-banking financial institutions
may apply to establish companies in China specializing in car
credit purchase services in accordance with regulations soon to be
publicized by the PBOC.
Overseas investors will also be allowed to apply to establish
companies providing financial leasing services in China, PBOC
sources said.
(
December 10, 2001)