Dutch banking giant ING Group said its Shanghai Branch has been approved by China's banking watchdog to conduct business in Renminbi, the Chinese currency.
The ING Bank Shanghai will be allowed to lend renminbi-dominated funds to foreign invested enterprises in certain cities like Shanghai, Shenzhen and Qingdao, to name just a few, and take deposits in such currency from foreign companies.
By the end of this year, ING will be able to take deposits and offer loans to both local and foreign corporations in the permitted locations.
(CRI News June 26, 2003)
