Banking News
- Bank of America to offer yuan services
Date: 13-Apr-2007 Sources: (Shenzhen Daily)
BANK of America Corp. said Thursday it received Chinese regulatory approval to offer yuan services in Beijing.
Bank of America, the second-largest U.S. bank by assets, said it will immediately start local-currency services such as cash management loans, bank guarantees and trade finance to customers in China's capital city. The bank's Beijing branch was only allowed to offer foreign currency banking services before it got the yuan business license from the China Banking Regulatory Commission. 'This is something we have been doing in Shanghai for many years, and we hope to receive a third yuan license to cover Guangzhou very soon,'Frederick Chin, Bank of America's managing director, said in a statement.
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