(PBOC) spokesman said Tuesday that gradually allowing
Renminbi business at foreign banks was an important promise China
made when joining the World Trade Organization, and the country
would continue to steadily meet this commitment.
When China joined the WTO on December 11, 2001, foreign banks were
officially ratified to conduct RMB business in the cities of
Shanghai, Shenzhen, Tianjin and Dalian, he said. On December 1,
2002, five more cities - Guangzhou, Zhuhai, Qingdao, Nanjing and
Wuhan - were added to the list.
Since February 1, 2002 when the regulatory rules governing foreign
financial institutions came into effect, the PBOC has approved 23
foreign banks in China to conduct RMB businesses, bringing the
total number to 53.
By
the end of October 2002, the number of foreign banking institutions
in China had reached 181, with aggregate assets worth 37.965
billion US dollars and debts of 33.797 billion dollars, he
said.
Allowing RMB business in more foreign banks demonstrated that the
Chinese government was seriously carrying out its promises and
opening the financial market in a steady and orderly way, he
said.
(Xinhua News Agency January 8, 2003)