First foreign bank to have branches in China approved to provide renminbi services to local corporations


Approval has been received from the China Banking Regulatory Commission for seven of the nine branches belonging to the Hongkong and Shanghai Bank Corporation Limited (HSBC) to provide renminibi (RMB) banking services to local corporations in mainland China.

This makes HSBC the first foreign bank to offer the new service through its branches in Shanghai, Shenzhen, Guangzhou, Qingdao, Dalian, Wuhan and Tianjin. All seven HSBC branches, which have provided foreign currency services to local corporations since 2002, are now able to offer RMB banking to local companies.



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Posted on Apr 27, 2004
Region: China