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RESTRICI ZD
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(f) although it is noted that foreign currency
(i.e. the Hong Kong dollar) has already started to circulate in the zones, the Chinese are apparently studying the possibility of a special currency for Shenzhen. However, it seems likely that
the Hong Kong dollar will continue to circulate whether the official currency is the Renminbi or a special one. The projected opening of Hong Kong registered banks in
the zones can only contribute to this tendency.
The detailed laws and regulations based on these policy objectives have still to be drafted. Nevertheless, the heightened interest in SEZs demonstrated by all levels of the Chinese leadership the meeting in Peking in June, Zhao Ziyang's inspection tour and the attention paid to this new 10-point
suggests that these will be interesting and
programne
innovative times for the SEZs.
Nanyang Commercial Bank to open branch office in Shenzhen
8.
The first of the Hong Kong banks to establish an office in Shenzhen (see above paragraph (f)) will be the Nanyang Commercial Bank, according to its general manager Yeung Wah-on on 18 August. The Nanyang is a PRC state-controlled foreign exchange bank incorporated in Hong Kong and a natural choice by the Shenzhen authorities to lead the way for other Hong Kong- registered banks. The Nanyang is expected to open its branch in the SEZ before the end of this year. However, the bank has yet to find accommodation in the commercial area of Shenzhen. The bank will initially transfer staff from Hong Kong to work in Shenzhen, although plans ultimately to recruit locally.
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