BIZCHINA / Weekly Roundup
Overseas banks to deal in renminbi
(China Daily)
Updated: 2006-10-16 10:06
Overseas banks to deal in renminbi
Foreign lenders will only have to wait a few more weeks before China
issues a rule allowing overseas banks to deal in renminbi business across
the country, a source at the nation's banking regulator revealed last
week.
The rule will be submitted to the State Council for further approval and
is likely to come out one month before the country fully opens its
banking sector on December 11, in line with China's commitments to the
World Trade Organization.
Meanwhile, six foreign banks have already started to turn their operating
branches into locally registered corporations in order to better deal
with renminbi business, according to the source at the China Banking
Regulatory Commission.
Trade surplus rises
China posted a trade surplus of US$15.3 billion in September, rising from
US$7.57 billion a year earlier, the customs administration said last week.
September exports rose 30.6 per cent from a year earlier to US$91.6
billion, while imports rose 22.0 per cent to US$76.3 billion, according
to figures published on the agency's Website.
For the first nine months of 2006, the trade surplus came to US$109.85
billion, greater than the surplus for all of 2005.
1 2 3 4
(For more biz stories, please visit Industry Updates)
Alibaba is the largest B2B marketplace in the world. Source model ship,
wooden puzzle, one-piece toilet, RC hovercraft, photo album, prom dress,
pocket bike, Vaginal Speculum, Samurai Sword, String Panty and PVC Pipe.
Chinese School
