Foreign Banks Officially Engaging in Renminbi Business, HSBC Bank Setting Up New Branch in CBD
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| 3/23/2005 1:1:0 Beijing Daily Messenger |
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Last Friday, foreign banks had quietly started their RMB business transactions in Beijing. HSBC became the first foreign bank officially engaging in RMB business in the Capital city.
Starting March 18th, HSBC Beijing Branch may also provide RMB business for local enterprises, foreign invested enterprises, foreign nationals, as well as people from Hong Kong, Macao and Taiwan. Specific scope of business includes: savings deposits, issue loans, bank notes acceptance and discount, provision of credit card services and guarantees, domestic and overseas settlement transactions, buying-selling, agency buying and selling foreign exchange, engaging in foreign currency exchange and daily interest-rate on short-term private loans between the same trades, etc.,
HSBC is the first foreign bank that had applied to engage in RMB business in Beijing, and was also among the first batch of banks that were allowed to prepare for this business by the China Banking Regulatory Commission on December 21 last year.
Ding Guoliang, Governor of HSBC Beijing Branch said: ¡°The opening of RMB business of our Beijing Branch, can enable us to provide more comprehensive and more perfect services for our existing Chinese and foreign clients.¡±
The new branch of HSBC Beijing office, located at the first floor of the West Building of the World Trade Tower, will open its business to the public in the first half this year. They are one of the first banks that have been approved to set up additional branches.
The huge international network and profound Chinese experiences of HSBC Group, as well as its localized human resource structure, will provide convenience for foreign banks to advance into the Chinese market. However, Jing Guoliang expressed that, out of market competition requirements, HSBC Beijing Branch will implement the same deposit and loan interests rate as Chinese banks in the Beijing region.
In other development, Standard Chartered Bank that was approved to prepare its RMB business as the same batch along with HSBC will also open its business in the near future. In April, they will also launch their foreign currency individual banking services in Beijing.
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