A picture of HSBC. Foreign banks need to convert their branches in China into locally incorporated companies to conduct the coveted renminbi retail business, according to rules released late on Wednesday. The requirement is aimed at preventing global financial woes of foreign banks from spilling over to their branches in China, Song Dahan, vice-minister of the State Council's Legislative Affairs Office, said yesterday. When a bank registered overseas is hit by a financial crisis, the interests of depositors in the country where the bank is registered are usually considered ahead of depositors at branches in other parts of the world. So the local-incorporation requirement will help protect Chinese individuals who deposit money in foreign banks operating in China, Song told a news conference arranged by the State Council Information Office. "This requirement is consistent with China's WTO (World Trade Organization) commitments," Song said. "It is also in line with international norms and the principle of prudential supervision supported by the WTO." "We believe that local incorporation will enable us to further expand our network and service range, in particular our RMB financing ability, for the benefits of the customers in Chinese market." Richard Yorke, China CEO of HSBC, said in a statement. The rules, which take effect on December 11, fulfil the last commitments on opening up the banking sector China made when it entered the WTO five years ago. From December 11, Chinese and foreign banks will be under a unified regulatory system; and the current restrictions on overseas banks' locations and choice of customers will be lifted. Currently, foreign bank branches need the regulator's approval to offer any kind of service involving the Chinese currency. From December 11, all foreign branches will be allowed to accept time deposits of at least 1 million yuan (US$125,000) by private Chinese individuals. 點擊查看更多雙語新聞 (China Daily)

根據本周三晚些時候公布的《中華人民共和國外資銀行管理條例》規定，我國將對在中國注冊的外資法人銀行全面開放人民幣零售業務。 昨天，據國務院法制辦公室副主任宋大涵解釋，條例規定只有在中國注冊的外資法人銀行才可全面經營人民幣業務，主要是為了防止外資銀行總行的金融危機波及到其在中國的分行。 一旦外資銀行的總行發生金融危機，通常是其本國的存款人得到優先清償，而其分行所在國的存款人則無法得到優先清償保障。 宋主任在國務院新聞辦公室舉辦的新聞發布會上說，要求外資銀行分行轉制可以保護在外資銀行存款的國內居民的利益。 宋主任說：“這一規定和我國開放人民幣業務的入世承諾相一致，也符合國際慣例和世貿組織允許的審慎性原則?！? 匯豐銀行中國區首席執行官翁富澤在一份聲明中說：“我們相信，在中國注冊的法人銀行將有助于匯豐進一步拓展服務網點和業務范圍，尤其是增強匯豐人民幣融資的能力，以使中國的客戶受益?！? 此條例將從下月11日起開始實施，由此，中國已全面履行五年內開放銀行業的入世承諾。 從12月11日起，中國將對中外資銀行實行統一的監管標準，并將取消外資銀行在華經營人民幣業務的地域和客戶限制。 目前，外資銀行分行需經過銀監會的批準才可經營人民幣業務。從12月11日起，所有外資銀行分行可以吸收100萬元以上的居民個人定期存款。 （英語點津姍姍編輯）