Foreign-Funded Banks Get Go Ahead on RMB Business

To meet its WTO obligations, China has agreed to let foreign-funded banks conduct RMB business for Chinese citizens.

Beijing has also agreed to remove regional restrictions and other limits on the foreign-funded banks.

In other words, a bank is a bank is a bank. They will all be the same.

However, Chinese branches of the foreign banks still will not be able to conduct RMB services unless a person were to deposit one million yuan ($127K) and get permission from the banking regulatory body.   Continue reading...