CRI NEWS

Standard Chartered Approved for RMB Services

2004-10-2 19:04:30 CRIENGLISH.com

British Standard Chartered Bank's Nanjing branch has been approved to conduct Renminbi services in the capital city of Jiangsu Province, the first foreign bank approved to deal in RMB services.

British Standard Chartered Bank's Nanjing branch has been approved to conduct Renminbi services in the capital city of Jiangsu Province.

It's the first foreign bank approved to deal in RMB services in Jiangsu.

The bank will provide loans, savings and credit card services to small and medium-sized businesses and individuals, while managing cash, foreign exchange and securities for customers.

Standard Chartered's Nanjing branch is the biggest foreign bank in the province.

The bank's branches in Shanghai and Shenzhen obtained the approval for providing RMB services to Chinese and foreign companies earlier this year.

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