Rules were finally issued on Wednesday outlining the conditions under which foreign banks may participate in the full range of China's local currency business, the <i>Financial Times</i> reported. The regulations, tied to the market opening promises written into China's WTO accession criteria, were broadly in line with drafts circulated among foreign bankers. They take effect on December 11. To offer renminbi services to individuals, foreign-funded and joint venture banks must incorporate locally with registered capital of at least US$127 million and operating capital of US$12.7 million for each branch. Those that choose not to incorporate won't be allowed to accept individual deposits of less than US$127,000, excluding them from most retail business, and will need to maintain operating capital of at least US$25.4 million in each branch.