China has authorized BankAmerica Corp. and nine foreign banks to apply for licenses to engage in the local currency business.

The other banks are Japan's Sumitomo Bank and Sakura Bank, ABN Amro Bank, Dresdner Bank AG, Bank of East Asia, Credit Suisse First Boston, Credit Lyonnais, Development Bank of Singapore, and Overseas-Chinese Banking Corp.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.