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Eight Overseas Banks in Shenzhen Granted Yuan Business Permits
Eight overseas banks in Shenzhen in south China's Guangdong Province have been given licenses to engage in yuan business in China.
They include the Shenzhen branches of the Sanwa Bank and the Fuji Bank, two Japanese bank branches which have passed testing conducted by the Shenzhen Central Sub-branch of the People's Bank of China (PBOC).
Sanwa Bank is the second largest bank in Japan. It opened a representative office in Shenzhen in 1983, and the representative office was upgraded to bank branch in 1986.
Now, Sanwa Bank has four bank branches and two representative offices in China. Among these branches, the Sanwa Shanghai Branch was among the first overseas banks granted licensed to do business in Chinese currency, the yuan, in 1997.
China opened yuan business to foreign banks in early 1997 when the PBOC approved nine foreign banks on an experimental basis in the Pudong New Area of Shanghai. To date, the PBOC has given yuan licenses to 32 foreign banks, including 24 in Shanghai and eight in Shenzhen.
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