The majority of respondents to an online survey said they will move their money to foreign banks when foreign-owned retail banking begins this year.

According to the survey, conducted by China Daily's website, www.ttav89.com, more than 57 percent of the 1,329 respondents said they will move their money from domestic banks to foreign ones.

Near 34 percent of the respondents said they will not move their funds.

About 9 percent had no opinion.

In November a new administrative rule was issued allowing foreign banks to conduct renminbi retail business after they register as local entities.

At least a dozen foreign banks have filed as local companies so far after nine banks were given the nod in December to begin local incorporation.

It is expected that some foreign banks will begin renminbi retail banking as early as March.

Citibank, HSBC, Standard Chartered and Bank of East Asia have been allowed to offer term deposits with a minimum of 1 million yuan since December 12.

A number of wealthy Chinese customers have already opened renminbi accounts with the million-yuan threshold.

Statistics from the central bank's Shanghai headquarters show five foreign banks in Shanghai took in 298 million yuan in deposits in only 20 days in December.

1

2

3

(For more biz stories, please visit Industry Updates)