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Article: CHINA'S OFFSHORE BANKING BUSINESS EARNS US$40 MLN BY END OF JUNE.
- Article from:
- AsiaPulse News
- Article date:
- October 23, 2007
CopyrightCOPYRIGHT 2007 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BEIJING, Oct 23 Asia Pulse -China's offshore banking business is becoming an effective channel to satisfy the financial service demands of domestic enterprises going abroad and it has realized gross profits of US$40.33 million by the end of June 2007.
This was learned from a seminar on Chinese enterprises going abroad and offshore banking business jointly sponsored by the Ministry of Commerce and the China Merchants Bank on Oct. 19.
China Merchants Bank was China's first bank trying offshore banking business in 1989. At present, four domestic commercial banks are approved to undertake this business, which was suspended in 1998 due to the Asia Financial ...