Shanghai Foreign Banks to Reform Foreign Exchange Business

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Last updated at: (Beijing Time) Friday, November 22, 2002

Shanghai Foreign Banks to Reform Foreign Exchange Business

Seventeen foreign banks in Shanghai received the go-ahead Wednesday to initiate a series of reforms on a trial basis with respect to their foreign exchange business, an official said Thursday.

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Seventeen foreign banks in Shanghai received the go-ahead Wednesday to initiate a series of reforms on a trial basis with respect to their foreign exchange business, an official said Thursday.

This is the first time such reforms have been undertaken in foreign-invested banks, said the official with the Shanghai Branchof the State Administration of Foreign Exchange who requested anonymity.

The official said similar reforms have been carried out successfully in 15 indigenous banks, which strengthened the local government's resolve to open up its finance market.

The 17 foreign banks include the Hong Kong and Shanghai BankingCorporation Limited, the Development Bank of Singapore, Citibank, the Standard Chartered Bank and others from the United States, France, Australia, Belgium and Malaysia.

The move is aimed at creating an environment for Chinese and foreign banks to compete on an equal footing after foreign exchange-related business is completely opened to foreign banks, the official said.

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