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Thread: More and more foreign banks have entered China's finiancial market, is it a piece of good news ?
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[quote=APAULT,39188]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?[/quote]
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