Overseas banks have great H1 in China as renminbi deals surge

Global lenders cash in on rising businesses from domestic and foreign companies, report Jiang Xueqing in Beijing and Emma Dai in Hong Kong.

Many overseas banks reported double-digit profit growth in China in the first half of 2014 thanks to a rapid increase in corporate banking and cross-border renminbi business.

London-based Standard Chartered Plc saw its China income go up 15 percent year-on-year to $515 million and its before-tax operating profit rise 65 percent to $193 million.