The Beijing branches of HSBC and Standard & Chartered have been approved to operate RMB businesses from early next year.

The business includes enterprises savings, loans, international settlement and foreign currency trading.

Director of Beijing's Banking Regulatory Bureau Lai Xiaomin said after being approved, the foreign banks will have half a year of preparation before they formally start RMB business.

But he said they won't operate private banking business until 2006 when China's financial sector is fully opened.

Foreign banks in China have launched more than 100 financial services and products, which is three times more than their Chinese counterparts.

(CRI.com December 25, 2004)