What does the future hold for foreign financial companies vis-ид-vis RMB business?
For RMB business, foreign financial companies can now provide services to foreign clients upon China's accession to the WTO; beginning December 11, 2003, foreign financial companies will be allowed to serve Chinese companies, and by December 11, 2006, all Chinese citizens. Shenzhen and Shanghai (which were already open to more than 30 trial operations for RMB lending) were formally opened to foreign financial firms upon accession, along with Dalian, Liaoning, and Tianjin. More cities will be added until all geographic restrictions on RMB services are removed, which must occur by December 11, 2006.
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