The People's Bank of China (PBOC), the central bank, on Tuesday published detailed rules for implementing the administrative ordinance governing overseas financial institutions in China.
A PBOC spokesman said that the rules provide detailed regulations on the establishment and registration of foreign financial institutions, their business scope, professional qualifications, supervision, liquidation and clearing.
The rules also provide specific regulations on foreign financial institutions' foreign-exchange business, working capital and other aspects.
The rules specify the penalties for practices that violate the rules.
The rules will take effect on Friday.
(China Daily January 30, 2002)
