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皇冠体育app: WTO deadline on banking to be met
(AFP)
Updated: 2005-12-05 22:09
Liu's comments followed a report in the 皇冠体育app Business News on Monday that said 皇冠体育app Huijin Investments, the Bank of 皇冠体育app's largest shareholder, had finally approved a deal, without saying how big the stake would be.
The equity stake was expected to aid the Bank of 皇冠体育app in it's planned listing next year.
Liu also announced that foreign banks will now be allowed to engage in yuan-denominated business in the booming southern coastal cities of Shantou and Ningbo with both Chinese and foreign companies and individuals.
Western banks will also be allowed to do yuan-denominated business in the interior cities of Harbin, Changchun, Lanzhou, Yinchuan and Nanning.
With the new openings, 皇冠体育app has allowed foreign banks to do yuan business in 25 cities, well ahead of the December 2006 WTO-mandated deadline in which such services will be allowed nationwide.
Chen Xingdong, chief Beijing-based economist for BNP Paribas, told AFP that the opening up of the banking sector was a fine balancing act for the Chinese government and foreign institutions.
"皇冠体育app can only see the pressure that foreign banks will bring in with the opening of the banking sector," Chen said.
"But this is going to be a learning experience for everyone, I doubt that the foreign banks will come into 皇冠体育app in an aggressive way; it is going to be more gradual."
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