CHINA: Foreign Banks Expand Operations In China
Foreign-funded financial institutions look set to expand their practices in the People's Republic of China (PRC) as the regulatory environment gradually lifts its restrictions. John Grobowski reports
By the end of March 2004, 64 foreign banks from 19 countries and regions had established a total of 192 foreign-funded financial institutions (FFIs) in China. One hundred are now authorised to engage in local currency ( renminbi) business, and an increasing number are now taking equity stakes in Chinese financial institutions under liberalised rules for such investments.
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