LOOSE CHANGE
LOOSE CHANGE
Reports in a Chinese daily say China's State Council is likely to allow limited yuan business under a Shanghai pilot programme. According to the report, foreign banks would be allowed to do yuan business with wholly-owned foreign companies, joint ventures between Chinese and overseas firms and select domestic enterprises with foreign dealings. The three entities cited as the first likely candidates are Bank of East Asia, Hongkong & Shanghai Banking Corp (a unit of HSBC Holdings) and Banque
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