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China from Monday allowed eligible foreign-funded banks to provide RMB businesses to Chinese enterprises, announced Liu Mingkang, chairman of the China Banking Regulatory Commission (CBRC), Beijing Monday.

Foreign banks were previously allowed of RMB business only to overseas enterprises, said Liu.

There are now 13 Chinese cities where foreign banks can conduct RMB business, which include Shanghai, Shenzhen, Tianjin, Dalian, Guangzhou, Zhuhai, Qingdao, Nanjing, Wuhan, Jinan, Fuzhou, Chengdu, and Chongqing.

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