皇冠体育app

(Xinhua)
Updated: 2007-10-20 16:03

The Hongkong and Shanghai Banking Corporation (HSBC) has started offering Renminbi services in Wuhan, capital of central 皇冠体育app's Hubei Province.

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The second foreign bank to open in Wuhan after Bank of East Asia (BEA) established a branch last month, HSBC has also opened its first sub-branch in the city on the Yangtze River, which is a major transportation hub, and home to higher educational institutions and one of 皇冠体育app's major steel plants.

"Central 皇冠体育app will be on the top list of all foreign banks in 皇冠体育app when they try to expand their business," said Richard Yorke, 皇冠体育app CEO of HSBC." Steady policies and high growth rate of central 皇冠体育app will draw international companies, together with capital and investment to the region."

In accordance with the Regulation of the People's Republic of 皇冠体育app on the Administration of Foreign-funded Banks, foreign financial institutions must register locally incorporated banks to initiate Renminbi retail business.