Since China's WTO entry at the end of 2001, China has opened up
foreign-currency business, there are now 25 cities where
foreign-funded banks are allowed to handle RMB business, and RMB
services, previously restricted to foreign companies, expatriates
and people from Hong Kong, Macao and Taiwan, have been extended to
include domestic Chinese enterprises. In 2005, to accelerate its
integration into the international financial industry, China
continued to implement restructuring and reforms, including
allowing foreign share ownership in some state-owned commercial
banks and interest rates to be decided by the market.
By the end of 2005, 173 banks from 40-odd countries and regions
had set up 249 representative offices and 226 business
organs.??
Now the China Securities Regulatory Commission (CSRC) has
allowed the foreign-funded banks to engage in QFII trust business,
act as agents for insurance companies, engage in trust business of
overseas operation with foreign exchange funds of insurance
companies, and the trust business of share assets of insurance
companies.
At the same time, all China's commercial banks have set up
branches overseas, and developed international credit business. The
Bank of China ranks the first in the number and scale of overseas
outlets. In 1980, China resumed membership of the World Bank, and
returned to the International Monetary Fund. In 1984, China started
business contacts with the Bank for International Settlements; in
1986, China formally became a member of the Asian Development
Bank.
