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BEIJING (AP) - China on Tuesday approved four foreign banks to begin local currency services to individual Chinese customers, opening up access to the country's 30 trillion yuan ($4 trillion; 3 euros trillion) in household savings and surging demand for credit cards and other financial services.
The four banks approved are the locally incorporated entities of Citigroup Inc., HSBC Holdings PLC's Hongkong & Shanghai Banking Corp., Standard Chartered PLC, and Bank of East Asia Ltd., the China Banking Regulatory Commission said in a statement posted on its Web site.
Branches of the four will be able to offer a full range of yuan services to Chinese clients once they register their licenses, a technical step that usually takes just a few days.
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