Since China's WTO entry at the end of 2001, China has opened up foreign-currency business, there are now 25 cities where foreign-funded banks are allowed to handle RMB business, and RMB services, previously restricted to foreign companies, expatriates and people from Hong Kong, Macao and Taiwan, have been extended to include domestic Chinese enterprises. In 2005, to accelerate its integration into the international financial industry, China continued to implement restructuring and reforms, including allowing foreign share ownership in some state-owned commercial banks and interest rates to be decided by the market.
By the end of 2005, 173 banks from 40-odd countries and regions had set up 249 representative offices and 226 business organs.
Now the China Securities Regulatory Commission (CSRC) has allowed the foreign-funded banks to engage in QFII trust business, act as agents for insurance companies, engage in trust business of overseas operation with foreign exchange funds of insurance companies, and the trust business of share assets of insurance companies.
At the same time, all China's commercial banks have set up branches overseas, and developed international credit business. The Bank of China ranks the first in the number and scale of overseas outlets. In 1980, China resumed membership of the World Bank, and returned to the International Monetary Fund. In 1984, China started business contacts with the Bank for International Settlements; in 1986, China formally became a member of the Asian Development Bank.
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