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)