Six banks OK'd to invest offshore
3 July 2006
The China Banking Regulatory Commission approved four Chinese domestic banks and two foreign banks to invest domestic funds in fixed-income products offshore. The banks are the first to be approved since a program was launched in April to allow banks to invest institutional and individual yuan deposits in fixed-income products offshore. The banks are Industrial & Commercial Bank of China, Bank of China, China Construction Bank, Bank of Communications, HSBC, and Bank of East Asia. The CBRC is also considering applications from other foreign and domestic banks, including China Everbright Bank and China CITIC Bank.