China: four banks overseas provide a range of RMB services in April
citizens of mainland China will next month open a RMB account in subsidiaries of the Hong Kong and Shanghai Banking Corporation (HSBC), Citibank, Standard Chartered Bank and Bank of ‘East Asia.
An official with the Banking Regulatory Commission of China (CBRC) told Xinhua that the provisions to establish locally registered subsidiary banks of these four banks had passed an initial inspection.
If all goes well, the banks will be allowed to offer the full range of RMB services next April.
Analysts say banks will not benefit from preferential policies and must comply with Chinese regulations.
Without national networks, banks overseas will not represent too serious challenges to domestic banks in the next two years, said Guo Tianyong, an economist at the Central University of Finance and Economics.
He said that banks should be five to eight years to establish their business in China, based on the experience of other countries.
Under Chinese law, a bank overseas wishing to offer RMB services in China should establish a database of Chinese law with corporate statutes, otherwise it is not authorized to accept deposits Term less than one million yuan.
中国：四家银行在海外提供4月，人民币业务范围
大陆中国公民将在下个月开放的香港子公司和上海汇丰银行有限公司（汇丰银行），花旗银行，渣打银行和银行对人民币帐户’东亚。
一个与中国银行业监督管理委员会（银监会）官员告诉记者，规定本地注册成立的这四家银行的附属银行已经通过了初步检查。
如果一切顺利，该银行将被允许提供全面的人民币服务范围明年4月。
分析人士说，银行将不会受益于优惠的政策，必须遵守中国法规。
没有国家网络
，银行的海外代表将不会在未来两年很严重的挑战，国内银行，郭天勇说，一个在中央财经大学的经济学家。
他说，银行应为5到8年在中国建立业务，根据其他国家的经验。
根据中国法律
，海外银行有意在中国提供人民币服务，应建立与企业中的法律法规数据库，否则无权接受存款长期低于100万人民币。13.03.07