The Shanghai and Guangzhou branches of Hang Seng Bank of Hong Kong have received licences to offer foreign currency services to mainland residents and companies. Its Shanghai branch will also be allowed to offer yuan services to foreign companies and individuals, South China Morning Post reported.
HSBC Holdings has won approval to offer foreign currency services to local residents and companies in Guangzhou. It hopes to offer the services before the end of May. HSBC has nine branches in China, more than any other foreign bank, and it already offers foreign currency services to local people in Beijing and Shanghai.