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Citibank Receives Approval for Service to Chinese Citizens

机译:花旗银行获得对中国公民服务的批准

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Citibank said it won approval from Chinese bank regulators to provide foreign-currency services to local customers at its Shanghai branch, the latest step in China's financial-market liberalization. The U.S. bank's announcement marks the first time China's central bank has allowed a wholly owned foreign bank to provide hard-currency services to Chinese individuals. Other foreign banks are likely to seek similar market access, part of a wider financial-market opening that Beijing pledged to undertake after its entry to the World Trade Organization. Previously, foreign banks were restricted to providing foreign-currency services to non-Chinese citizens and foreign companies. Foreign banks remain barred from offering local-currency services to Chinese individuals. Under terms of its WTO membership, Beijing promised to eventually drop all those restrictions. Restrictions on where foreign banks can operate will also be lifted.
机译:花旗银行表示,它已获得中国银行监管机构的批准,可在其上海分行向当地客户提供外币服务,这是中国金融市场自由化的最新举措。这家美国银行的公告标志着中国央行首次允许一家外资银行向中国个人提供硬通货服务。其他外资银行也可能寻求类似的市场准入,这是北京加入世贸组织后承诺要开展的更广泛的金融市场开放的一部分。以前,外国银行仅限于为非中国公民和外国公司提供外币服务。外资银行仍然禁止向中国个人提供本地货币服务。根据加入世贸组织的条件,北京承诺最终放弃所有这些限制。外国银行在哪里经营的限制也将取消。

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