Foreign Capital Banks in China Try to Run Derivative Product
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| 6/18/2004 12:12:12 International Financial News |
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Following China Minsheng Banking Corp. and other four leading state-owned commercial banks, three foreign capital banks have also obtained financial derivative product transaction qualifications. On June 17, CitiBank, Standard Chartered Bank and Nanyang Commerical Bank Ltd. have subsequently confirmed to this correspondent that China Banking Regulation Commission (CBRC) had officially approved branches of the aforementioned foreign capital banks in China to run derivative product transaction business. The joining by foreign banks implies that the financial derivative product market has now started its fierce competition, and the enormous profits from these derivative products will certainly trigger yet another round of ˇ°gold rushˇ± by both Chinese and foreign commercial banks. ˇˇOn February 4 this year, to standardize domestic financial derivative product transaction development, CBRC promulgated the ˇ°Interim Measures on Financial Establishment Derivative Product Transaction Business Managementˇ± to standardize the derivative transaction access and risk control. CBRC stipulates that after September 1 this year, no financial establishment shall be allowed to engage in derivative product transaction business without approval from the CBRC.
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| District Mayor Chen Gang(R1)and Vice District Mayor Shu Wei engaged in deep exchange |
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| The Evening Banquet Meeting |
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| visited the 798 plant art space |
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