Four foreign banks commence yuan business in China

Four foreign banks have officially launched their local currency retail banking businesses for customers across mainland China, Forbes has reported.

The banks involved in providing yuan retail services are Citigroup, HSBC, Standard Chartered Bank and Hong Kong’s Bank of East Asia, all of which had earlier launched a locally incorporated branch required to handle the anticipated yuan retail banking services, Forbes reported.

According to China View, the banks are concentrating on promoting wealth management services in a bid to target China’s wealthier customers. Domestic lenders are also reported to be increasing efforts to woo richer customers with services such as private banking.

Together, the four banks have over 100 branches across China. As of April 23, 2007, the Shanghai outlets will offer full yuan services while other branches are expected to shortly implement the service, according to China View.