Home>News Center>China
       
 

Standard Chartered to launch RMB services
(Xinhua)
Updated: 2004-02-19 07:51

Standard Chartered Bank said on Wednesday that it will launch personal Renminbi (RMB) deposit, remittance, exchange and some other services from February 25, 2004.

Peter Wong, director of the British-based bank, said at a televised conference that the bank, one of the three designated currency-issuing banks in Hong Kong, will announce RMB's deposit rate next week.

He said that while extending banking services in Hong Kong, the group will promote its services in the Chinese mainland, as the bank is confident in China's economic growth in the coming years.

Wong said the group has planned to register a local company in Hong Kong, in an effort to cash in on the business opportunities to be offered by the Chinese mainland/Hong Kong Closer Economic Partnership Arrangement (CEPA), which was launched on Jan. 1 this year.

Bank of China (Hong Kong) Limited (BOCHK), the RMB clearing bank in Hong Kong announced earlier this month that it would launch RMB clearing services in Hong Kong from February 25 for 40 Hong Kong participating banks which are engaged in personal RMB services in relation to deposits, exchange and remittance.

Standard Chartered Bank, one of the earliest bank that entered into China, became operational in Hong Kong in 1859. The Hong Kong Branch of the bank's profit before taxation in 2003 stood at 3.325billion HK dollars (4.36 billion US dollars), up 16.4 percent over the previous year.

 
  Today's Top News     Top China News
 

China works to address U.S. concern on trade deficit

 

   
 

China, EU consolidate partnership

 

   
 

New planetoid Sedna discovered

 

   
 

Two Chinese abducted by rebels in Sudan

 

   
 

China, France hold joint naval drill

 

   
 

Pakistan kills two dozen terror suspects

 

   
  China, EU consolidate partnership
   
  China, Russia hold military consultation
   
  Japan asked to handle issues properly
   
  Report: Drug-resistant TB a big threat
   
  Carrier rocket for Shenzhou VI to be shipped in 2005
   
  Spill after ship collision pollutes river
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  News Talk  
  Staking a whole generation of Chinese entrepreneurs  
Advertisement