CHINA TO FURTHER PROMOTE FINANCIAL REFORM
AsiaInfo Services, November, 2001
AsiaInfo Services 11-13-2001 China to Further Promote Financial Reform China, Nov 13, 2001 (AsiaPort via COMTEX) -- The spokesman of the People's Bank of China said on Noc.11 in Beijing that the entry into World Trade Organization (WTO) will bring both opportunities and challenges to the banking industry. He said China will abide by the opening-up policy in banking industry and promote financial reform, in order to sharpen the competitive edge of domestic banks. Under WTO agreements, China will gradually remove the limitations of foreign banks, he said.
After the formal entry, the foreign banks can deal with foreign currency to Chinese-funded companies and Chinese inhabitants. Meanwhile the foreign banks will be allowed to deal with Chinese yuan gradually....
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