Regulators have given approval for six foreign banks in Shenzhen to expand their business scope, Xinhua reported. The Shenzhen branches of Bank of East Asia, HSBC and Hang Seng Bank will be allowed to offer overall foreign exchange business to Chinese customers after increasing their capital. The Shenzhen branches of Overseas Union Bank, Wing Hang Bank and United Overseas Bank can now carry out partial yuan currency business, bringing to 11 the number of foreign banks in Shenzhen licensed to do such business.
The central bank has also approved four Asian-based banks to offer local currency services to foreign firms and individuals in Tianjin, Reuters reported. The banks are UFJ Bank, Korea Exchange Bank, Chohung Bank and Industrial Bank of Korea.