Several branches of the bank HSBC have been given permission by the Chinese authorities to offer services denominated in yuan to local firms as China tentatively opens up its market to foreign lenders.
The China Banking Regulatory Commission last week issued its approval for HSBC to conduct banking in the Chinese currency in seven of its nine mainland branches, making it the first foreign bank to offer the new service.
Dicky Yip, Chief Executive China Business at HSBC Limited, observed: "China's commitment to the World Trade Organisation (WTO) Agreement and the further opening of its financial market have provided new opportunities for HSBC.”
He added: “With a 139-year presence in mainland China, HSBC has long-established links with many local companies. We look forward to serving local companies through our international network with our banking expertise."
Amongst the 13 cities that are open for foreign banks to conduct yuan banking, HSBC has a branch presence in seven cities including Shanghai, Shenzhen, Guangzhou, Qingdao, Dalian, Wuhan and Tianjin.
The bank also has branches in Beijing and Xiamen, although these cities are not open for yuan banking until the end of 2004.
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