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Foreign Banks Reach Prize In China: Yuan Deposits
News Type: Event — Seeded on Sun Apr 22, 2007 6:44 PM EDT
Article Source: Wall Street Journaladvertisement
Foreign banks in China were allowed to start collecting yuan denominated deposits for the first time starting Monday.
More than 20 years after the world's leading banks opened outlets in China, a handful are set to grasp a long-sought prize: deposits in yuan from ordinary citizens.
Today, for the first time, Citigroup Inc., HSBC Holdings PLC, Standard Chartered PLC and Bank of East Asia Ltd. intend to begin accepting deposits in yuan from Chinese individuals, and offering loans as well. Until now, China's tight controls over foreign banks have made it impossible for them to offer those basic -- and much coveted -- services.
"The key point is this is the final piece of the liberalization promised" by China under its World Trade Organization obligations, Richard Yorke, HSBC's China chief executive, said in an interview. "Now, the market is opened. We can start taking deposits from any customer."
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{"commentId":658515,"authorDomain":"scottedwards"}
Time to buy some of those company's stocks. With a savings rate in China of 25% thats a lot of new money they will be receiving.
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#1 - Sun Apr 22, 2007 6:44 PM EDT{"canLink":false,"threadId":"96311","isPrivate":false}
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