ARE YOU READY FOR THE RMB RUMBLE?

The domestic banking sector will go no-holds barred soon as China opens its renminbi retail business to foreign banks On March 21, four overseas banks, including Hong Kong and Shanghai Banking Corp. (HSBC), Citibank, Standard Chartered Bank and Bank of East Asia got the nod from the China Banking Regulatory Commission(CBRC) toincorporatelocally, enabling them access to the renminbi retail sector. Service is expected to begin in April