No preferential treatment for Chinese banks
Their Shanghai FTZ trade accounts got approved earlier because their systems were compatible with PBOC's
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Singapore
FOREIGN banks operating in the Shanghai Free Trade Zone (SFTZ) have to get their systems compatible with that of the People's Bank of China (PBOC) before they can open trade accounts for clients to facilitate the freer transfer of local and foreign currencies within the zone.
Sources at banks said this explains why foreign banks, unlike the Chinese lenders, have not yet received approval for these coveted accounts.
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