Are there any banking restrictions in China?
All the restrictions on foreign bank participation in the foreign-currency exchange market were removed when China became a WTO member. Although, the State Administration of Foreign Exchange (SAFE) still controls the conversion of the renminbi (RMB). China has committed itself to a specific timeline for the liberalization of RMB and foreign-currency services to foreign financial institutions. Banking operations will be phase in by client type (i.e. foreign-invested client, Chinese company, Chinese citizen) and by city.