Five years after China's accession to the World Trade Organization (WTO), foreign banks are planning to be granted full access to a huge local currency of the country in December 2006. Foreign banks competitive attributes, such as size and international experience in banking, facilitated their entry into China. These efforts, however, were opposed to increasing the competitiveness of Chinese banks. Next, due to the high entry and maintenance costs in Renminbi (RMB) business, foreign banks working in different strategic responses to these challenges. Apparently, it is assumed that only a small number of foreign banks will be able to become a major player in the Chinese banking market. "Hide
by MK Leung, Ricky YK Chan Source: Business Horizons 12 pages. Publication Date: May 15, 2006. Prod. #: BH196-PDF-ENG
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