The government has implemented new policies to simplify the procedures for overseas financial firms' entry into the Chinese mainland market.
The new policy has lowered the minimum operating cash requirement allowing overseas bank-branches to provide RMB business to Chinese companies and residents. The minimum cash requirements for both commercial and personal RMB businesses are being lowered by US$12 million. Experts say the new policies will reduce operation costs for overseas banks in the Chinese mainland. The new measurements will take effect today.
(CCTV.com September 2, 2004)
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