CBRC speeding up applications for foreign banks' RMB business in China

The China Banking Regulatory Commission (CBRC) is speeding up examining applications for RMB transactions in China filed by foreign-funded banks, aiming to enable more banks to engage in the business earlier, sources with the CBRC said recently.

On Dec. 1, 2004, the CBRC announced Kunming, Beijing, Xiamen have opened to the RMB business for foreign banks, and Xi'an and Shenyang also opened for such business one year ahead of schedule. Eighteen Chinese cities are available for foreign banks' RMB business.

The CBRC has approved a total of 116 foreign banks to conduct renminbi (RMB) business in China.

Since Dec. 1 last year, 14 foreign banks and one foreign-funded corporation, ten from Beijing, four from Xiamen and one from Xi'an, have filed applications to conduct RMB business in the five cities, the CBRC said.

Recently, eight foreign banks have been approved to conduct the RMB business in China, including Beijing and Xiamen branches of HSBC, Beijing and Xiamen branches of Standard Chartered Bank, Xi'an and Xiamen branches of Bank of East Asia, Beijing branch of Bank of Tokyo-Mitsubishi and Beijing Branch of Citibank, the CBRC said.