Foreign Banking Boom in China

There is now a foreign banking boom in China, according to reports from the ongoing 2000 Foreign Capital Banks on Cooperation in Important Items/ Financing Symposium in China called in Beijng.

By the end of last March, foreign banks in China have a total asset to $31 billion, taking up 2% of China's total and a foreign exchange loan amounts to $21 billion, 20% of all in China.

Economic Daily was quoted as saying that there are 87 foreign financial organizations from 22 countries and regions with as many as 182 profit-making institutions set up in China so far and the number that have been approved to handle Renminbi business has grown to 32.

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