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Chinanews, Shanghai, Apr. 2 – Chinese banking1 industry has entered into a new period today as four foreign banks begin to launch their Renminbi services in China after they completed the registration2. The four banks, HSBC, Standard Chartered, the Bank of East Asia (China) Limited, and Citibank have all set up their Chinese headquarters in Shanghai.
While these foreign banks used to limit its Renminbi services only to time deposits with a value of not less than one million yuan each, their Renminbi services now cover basically every type, from large sum deposits to even one yuan account. Some foreign banks regard the first two weeks as an “observation period” for their new services. In future, foreign banks might set some limitations on the kind of customers they serve. However, for the time being, they welcome all types of customers to open an account there. Likewise, Chinese depositors are also taking a wait-and-see attitude towards these foreign banks. On Monday, the four foreign banks held a ceremony in Shanghai to mark the launching of their new services, which indicates that Chinese banking industry has unfolded a new page. At present, 12 foreign banks aim to change their branch offices into legal entities3 in China. Apart from these four, the other eight banks are trying to finish their preparation work. Although the foreign banks have officially started their Renminbi services today, they might not be able to launch full-scale Renminbi services until the middle of the month, since they still need some time to complete some registration work, said Yu Xueqiang, head of the Bank of East Asia in China. While many people think that these foreign banks might target only top-class Chinese customers, they will not set too many limitations on their customers at the beginning, Yu said. Since everything is new and many situations might arise, they will need to obtain as much information as possible. This will also be good for other foreign banks that intend to open Renminbi services later. So right now, they will accept every kind of customer. At the same time, the Bank of East Asia has already set limitations on every type of its business volume, Yu said. Information from the China Banking Regulatory Commission’s Shanghai branch shows that last year, intermediate services offered by domestic banks accounted for 72.42% of the market share. Although domestic banks still has control of intermediate services, their market share had fallen by 4.34 percentage points. At the same time, foreign banks’ market shares in China rose from 23.24% in 2004 to 27.58% last year.
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