| More and more foreign banks have entered China's finiancial market, is it a piece of good news ? | |
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| Mar 22, 2007 21:04 |   |
 | Nowadays, more and more foreign banks have entered China, is it a piece of good news for domestic customers or for foreign travelers? Dec.2, 2003, for the first time ever, China is allowing eligible foreign banks to provide RMB services to domestic enterprises. In many cities of China’s mainland including Shanghai, Shenzhen, Tianjin, Dalian, Guangzhou, Zhuhai, Qingdao, Nanjing, Wuhan, Jinan, Fuzhou, Chengdu and Chongqing, foreign banks are permitted to conduct local currency services. Undoubtedly, Chinese local residents will benefit the convenience that have brought by this new policy because now they have more choices than before and can receive better service in foreign banks. But I think foreign travelers in China will also benefit a lot, since more banks are available to convert money besides Bank of China, right? |
| Mar 22, 2007 23:05 | #1 |
| Really a good news I think. More competitors wil probably l improve the services of the present state banks. I have learnt that banks of China have raised their rates of deporsit. Hope more benifical procedures can be carried out. |
| Mar 23, 2007 04:18 | #2 |
| It's indeed a good sign of opening up for foreign banks, for the corporates, and hopefully too to the households and individuals... In addition to drawing your deposited money from ATM, using credit card, do you want to lend to buy a house, buy a car, or study overseas or travel on vacations? Would you like your wealth to be managed privately by a banker, or invest in international stocks, comodities and funds? |
| Mar 24, 2007 13:10 | #3 |
| There are deeper benefits too. Sorry, but Chinese banking is VERY inefficient and old fashioned. Foreign competitors and partners will hasten the needed changes. A story: I opened a dual currency account with the Bank of China in Hebei province, RMB and Aussie $. As I travelled I used up the RMB, so I went into a branch of the B of China in Guangdong province. They could not change it for me. The only way I could get my money in the foreign currency account was to go back to Hebei some 36 hours away by train!!!! I was more than a little annoyed, to put it mildly. I still haven't got my money back as I suddenly had to leave (NO, I wasn't chased out by police, a family issue at home) - but Hebei is my first stop in 3 weeks time !! Also my ATM card was not valid in Macau. So is Macau part of China or isn't it? |
| Mar 27, 2007 10:36 | #4 |
| "There are deeper benefits too. Sorry, but Chinese banking is VERY inefficient and old fashioned. Foreign competitors and partners will hasten the needed changes. A story: I opened a dual currency account with the Bank of China in Hebei province, RMB and Aussie $. As I travelled I used up the RMB, so I went into a branch of the B of China in Guangdong province. They could not change it for me. The only way I could get my money in the foreign currency account was to go back to Hebei some 36 hours away by train!!!! I was more than a little annoyed, to put it mildly. I still haven't got my money back as I suddenly had to leave (NO, I wasn't chased out by police, a family issue at home) - but Hebei is my first stop in 3 weeks time !! Also my ATM card was not valid in Macau. So is Macau part of China or isn't it?" It is a part in political and military sense, but still not in economical sense. |
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