Foreign Banks in China Foreign Banks in China Before 949 Before 949 First foreign bank(Eastern Bank of Britain came to China in 847 From 1847 to 1860, more than 10 foreign banks France and the US Chartered Bank established the branch in 858 HSBC was established in 1865 in Shangha Citibank established a branch in 902 The HSBC building(Bund 12) By l936, 84 foreign banks in China in total, 29 in now occupied by the Headquarter of Shanghai h eign Banks in China Foreign Banks in China Before 949 Before 949 Sino-Russian Righteousness Victory Bank(华俄 道胜银行) opened the shanghai branch in1896 The Mackellar Bank( Chartered Bank) The building( Bund 15)served the central bank Building(Bund 18) uilding after 1928 Banking System 1953-1978 Banking System 1953-1978 PBC had sole responsibility for issuing currency Bank of China handled all dealings in foreign d controlling the money supply, and served as onsible for allocating the the government treasury, the holder of countrys foreign exchange reserves, arranging erprise deposits, the main source of credit foreign loans, setting exchange rates for China's or economic units, the clearing nancial transactions, the national savings bank, carrying out all financial transactions with and a ubiquitous monitor of economic activities foreign firms and individuals. Bank of Communication merged to PBC and CCB in 195Bexcept the business in Hong Kong3 3-13 Foreign Banks in China Before 1949 — First foreign bank (Eastern Bank of Britain) came to China in 1847. — From 1847 to 1860,more than 10 foreign banks came to China from Germany, Japan, Russia, France and the US — Chartered Bank established the branch in 1858 — HSBC was established in 1865 in Shanghai — Citibank established a branch in 1902 — By1936, 84 foreign banks in China in total, 29 in Shanghai Foreign Banks in China Before 1949 3-14 — The HSBC building (Bund 12) — now occupied by the Headquarter of Shanghai Pudong Development Bank Foreign Banks in China Before 1949 — Sino-Russian RighteousnessVictory Bank(华俄 道胜银行) opened the Shanghai branch in 1896 — The building (Bund 15) served the central bank building after 1928 3-15 Foreign Banks in China Before 1949 3-16 — The Mackellar Bank (Chartered Bank) Building (Bund 18) Banking System 1953-1978 — PBC had sole responsibility for issuing currency and controlling the money supply, and served as the government treasury, the holder of enterprise deposits, the main source of credit for economic units,the clearing center for financial transactions, the national savings bank, and a ubiquitous monitor of economic activities. 3-17 Banking System 1953-1978 — Bank of China handled all dealings in foreign exchange, and was responsible for allocating the country's foreign exchange reserves, arranging foreign loans,setting exchange rates for China's currency, issuing letters of credit, and generally carrying out all financial transactions with foreign firms and individuals. — Bank of Communication merged to PBC and CCB in 1958except the business in Hong Kong. 3-18