FIRST YEAR AFTER WTO ENTRY:SHANGHAI DANCES WITH FOREIGN BANKS

ccording to the list of commitmentChina has made prior to itsaccession to the WTO,Chinawould gradually open its local Renminbibanking services to foreign operators.Thepromised was immediately delivered on theday 0f December l 1 200 1 when ChinaOfficially became a WTO member:foreignbanks were allowed to open local currencyservices in four Chinese cities includingShanghai,Shenzhen,Tianjin and Dalian.Ayear later,five more cities were declared opento overseas banks.These were Guangzhou,Zhuh…

First Year After WTO Entry: Shanghai Dances with Foreign Banks