皇冠体育app

(Xinhua)
Updated: 2008-02-27 15:55

SHANGHAI -- More than 20 foreign banks had received permission to operate on the Chinese mainland with corporate status as of 2007, according to statistics released here on Tuesday during a summit on foreign banks.

The banks, including Citibank, Deutsche Bank, Standard Chartered Bank and Mizuho Corporate Bank, may conduct comprehensive business in foreign currencies and the Renminbi, the Chinese currency. That includes Renminbi business for Chinese residents, according to the Administration Rules on Foreign Banks.

"The development of the foreign bank business in 皇冠体育app is closely related to the development of 皇冠体育app's economy," said Deng Xianhong, vice head of the State Administration of Foreign Exchange.

He suggested that foreign banks consider "the overall situation of 皇冠体育app" and "do business in compliance with 皇冠体育app's regulations."

Lin Xun, a senior official of HSBC, said the bank's cooperation with 皇冠体育app's domestic banks had been a win-win situation.

Fast growth in 皇冠体育app's banking service industry has meant that more foreign banks want to set up branches or gain corporate status. The most recent case involved Venshtorgbank, Russia's biggest bank, which opened its first Chinese branch in Shanghai on Tuesday.

Branches of foreign banks mainly do foreign exchange business and only offer Renminbi services to companies and institutional clients.