Australia’s Westpac Banking is seeking a license to conduct local-currency banking in mainland China, The Wall Street Journal reports. The firm has applied for the same with the China Banking Regulatory Commission.
The license will allow the firm to finance cross-border trade in the yuan and make loans in the Chinese currency. At present, the firm has to partner with Chinese banks to provide trade financing in the renminbi. The firm may get the license by the end of 2011.
Click here for the story from The Wall Street Journal.