The Hongkong and Shanghai Banking Corporation (HSBC) has started offering Renminbi services in Wuhan, capital of central China's Hubei Province.
The second foreign bank to open in Wuhan after Bank of East Asia (BEA) established a branch last month, HSBC has also opened its first sub-branch in the city on the Yangtze River, which is a major transportation hub, and home to higher educational institutions and one of China's major steel plants.
"Central China will be on the top list of all foreign banks in China when they try to expand their business," said Richard Yorke, China CEO of HSBC. "Steady policies and high growth rate of central China will draw international companies, together with capital and investment to the region."
In accordance with the Regulation of the People's Republic of China on the Administration of Foreign-funded Banks, foreign financial institutions must register locally incorporated banks to initiate Renminbi retail business.
(Xinhua News Agency October 20, 2007)
