China lifts banking barriers to entry

The People's Bank of China has announced a programme for the opening of China's banking sector following the country's accession to the WTO.

A spokesman of the central bank, quoted in Reuters said that China will open Shenzhen, Shanghai, Dalian and Tianjin in which all restrictions on foreign banks in handling RMB business will be removed at the time of accession. At present foreign banks remain restricted to operating in ports such as Shanghai, Shenzhen and Tianjin.

China will open Guangzhou,