CHINA'S banking regulator has so far given the nod for 116 overseas banking institutions to conduct renminbi-denominated business as it opened the industry wider to foreign rivals.
Another eight overseas banking institutions have won the go-ahead for the business, including the Hong Kong and Shanghai Banking Corporation, Standard Chartered and Bank of East Asia, since the country allowed overseas banks to set foot in five more cities including Beijing last December, the China Banking Regulatory Commission said on Monday.