China is poised to liberalize entry into its banking market. A new world of opportunities and irritations awaits lenders both foreign and domestic
Come mid-December, any Chinese person, whether he be in Xi’an, Shanghai or Shenzhen, will be able to walk into a local branch of a foreign bank and open up a yuan-denominated account.
Five years after China joined the WTO, Beijing will finally open up its retail banking market, taking another step towards liberalizing its financial services sector, one of the few areas still largely untouched by foreign firms.[Full Text]
– For more news about foreign banks business in China, read CDT post Foreign Banks Line up to Expand in China