Qingdao rides tide of finance sector change

With the number of banks, securities and futures trading firms, insurance agencies and other institutions now thriving, the financial sector in Qingdao is gaining momentum.

Some 193 financial institutions are now operating in the city including foreign invested banks Standard Chartered, HSBC and Deutsche Bank as well as Samsung Property and ING-BOB Life Insurance. Together they offer more than 300 financial products.

In 2011, Qingdao became the first city in China to allowed trade in the South Korean won. Five banks are now qualified to operate won trading businesses. Direct trade in the Japanese yen started the following year with many banks granted the right to do business in the sector.