2 regional banks to open yuan accounts in China+

TOKYO, July 17 Kyodo -
Two regional banks in the Kinki region will open yuan accounts with the Chinese
subsidiary of the Bank of Tokyo-Mitsubishi UFJ so they can offer yuan-based
settlement services to companies from the region operating in China, industry
sources said Saturday.
Shiga Bank based in Otsu, Shiga Prefecture, and Senshu Ikeda Bank based in the
city of Osaka are apparently aiming to enhance their services with the help of
the major bank, as regional banks struggle to cope with Japanese companies'
growing business in China.
The latest move will enable the Bank of Tokyo-Mitsubishi UFJ's Chinese
subsidiary to boost its deposits. It will be the first time for regional banks
to open yuan accounts with the subsidiary.
While previously only Chinese banks were allowed to offer yuan-based settlement
services, deregulation by the Chinese government has gradually enabled
foreign-affiliated financial institutions with branches in the country to join
the business.
Japan's major banks are engaged in a fierce competition to take advantage of
expanding business links between Japan and China, with Mizuho Corporate Bank
having opened accounts for corporate clients to enable them to make yuan-based
settlements within Japan.
==Kyodo
2010-07-17 22:43:03


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