Letters to Editor
Business & Trade
Culture & Science
Policy Making in Depth
News of This Week
Learning Chinese
Bank in Beijing Gets OK to Provide Foreign Currency Accounts

The Hong Kong and Shanghai Banking Corporation Limited (HSBC) was permitted to deal in foreign currency on Thursday in Beijing.

Approved by People's Bank of China, the HBSC Beijing branch is the first foreign-funded bank in Beijing to provide foreign currency services to Chinese residents.

Liu Zhanzhi, head of HBSC Beijing branch, said that the bank had launched fixed deposits and demand deposits of foreign currency services.

Sources said that the bank required fixed deposits to be at least US$2,000 for each account. It will charge certain fee on cash withdrawals and accounts with an average balance lower than US$2,000.

Liu said that the bank would operate the new service in accordance with international practice.

In spite of the burgeoning development of China's economy, the country's banking service was still yet to be developed, Liu said, and HSBC Beijing branch was willing to explore this field.

(People’s Daily April 19, 2002)

Tianjin Foreign Banks Report Profits
Rules on Foreign Banks Applauded
Overseas Banks to Follow New Rules
Overseas Banks Taking Stakes
HSBC to Take Minority Stake in Bank of Shanghai
HSBC to Open Service Center in Shanghai Next Year
HSBC Links Up with Shanghai ATM Network
HSBC Reports 4 Percent Rise in Net Profit
Foreign Banks Allowed to Manage RMB Business in West China
The People's Bank of China
Copyright © China Internet Information Center. All Rights Reserved
E-mail: webmaster@china.org.cn Tel: 86-10-68996214/15/16