Overseas banks to deal in renminbi
(China Daily)
Updated: 2006-10-16 10:06
Overseas banks to deal in renminbi
Foreign lenders will only have to
wait a few more weeks before China issues a rule allowing overseas banks to deal
in renminbi business across the country, a source at the nation's banking
regulator revealed last week.
The rule will be submitted to the State
Council for further approval and is likely to come out one month before the
country fully opens its banking sector on December 11, in line with China's
commitments to the World Trade Organization.
Meanwhile, six foreign banks
have already started to turn their operating branches into locally registered
corporations in order to better deal with renminbi business, according to the
source at the China Banking Regulatory Commission.
Trade surplus
rises
China posted a trade surplus of US$15.3 billion in September,
rising from US$7.57 billion a year earlier, the customs administration said last
week.
September exports rose 30.6 per cent from a year earlier to US$91.6
billion, while imports rose 22.0 per cent to US$76.3 billion, according to
figures published on the agency's Website.
For the first nine months of
2006, the trade surplus came to US$109.85 billion, greater than the surplus for
all of 2005.
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