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Thread: Foreign banks are permitted to issue RMB bank card

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[quote=JIMMYB,235743]Source: Xinhua News.

On Monday, CBRC (China Banking Regulatory Commission) said that those foreign banks who meet CBRC requirements and the related standards can apply to issue RMB bank cards. This is the decision reached at the China-U.S. Strategic Economic Dialogue. That means those foreign banks are allowed to offer a full range of RMB services and they enjoy the same treatment with those Chinese banks.

According to the Administrative Rules on Foreign Banks which took effect last year, those overseas banks only can issue the RMB cards when they register as local entities. However, the rules has some deficiencies. The problems such as payment system and risk control should be clearly stated.

The new draft of the regulation has been finished by State Council. Those foreign banks such as HSBC, Standard Chartered Bank and Bank of East Asia said that they will announce their plans when the new regulation is issued.

Chinese banks will face more challenges and competitions from the overseas banks. To some extent, it is good. It forces those Chinese banks to improve the quality of their services. On the other hand, those foreign banks are a big menace. No one can promise  the Chinese banks can survive the competitions with the foreign banks.

What is your opinion on this topic? Eager to hear it.  
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