What does it mean for China to open up their country to foreign banks?

Question

I'm in Shanghai right now and heard that China opened up their markets to foreign banks to come in. I'm interested in knowing more about the implications of this.

Answer 1

This will be the first time that China's currency will be circulated around the world and compete for value against foreign money. Banks will be able to allow foreign investors to place funds in Chinese banks for bussiness use and make personal loans as well.