- assets of more than US$ 10 China removes the requirement that an billion at the end of the year prior to Australian bank has to set up a filing the application. representative office in China in order to set up operational foreign-funded banks Financial institutions of Australia (such as branches or subsidiaries). who meet the following condition are permitted to establish a branch If one branch of an Australian bank of a bank of Australia in established in China has obtained the permission to engage in RMB business, - total assets of more than US$ 20 other branches established by the same billion at the end of the year prior to Australian bank in China may apply to filing the application. engage in RMB business provided that they have met relevant prudential Financial institutions of Australia requirements. who meet the following condition are permitted to establish a China removes the minimum requirement joint bank in China: on the amount of the non-callable operating capital allocated from an - total assets of more than US$ 10 Australian subsidiary to each of its billion at the end of the year prior to branches in China. filing the application. Subsidiaries established in China by Qualifications for financial Australian banks will be allowed to institutions of Australia to engage in engage in credit asset securitization local currency business are as business and enjoy national treatment on follows: condition that they have met the requirements of the Administrative Rules - one year business operation in China on the Pilot Program of Credit Asset prior to the application, otherwise, Securitization by Financial Institutions none. and obtained approval. (4) Unbound except as indicated in (4) Unbound except as indicated in horizontal commitments. horizontal commitments.
- assets of more than US$ 10 billion at the end of the year prior to filing the application. Financial institutions of Australia who meet the following condition are permitted to establish a branch of a bank of Australia in - total assets of more than US$ 20 billion at the end of the year prior to filing the application. Financial institutions of Australia who meet the following condition are permitted to establish a joint bank in China: - total assets of more than US$ 10 billion at the end of the year prior to filing the application. Qualifications for financial institutions of Australia to engage in local currency business are as follows: - one year business operation in China prior to the application, otherwise, none. (4) Unbound except as indicated in horizontal commitments. (4) Unbound except as indicated in horizontal commitments. China removes the requirement that an Australian bank has to set up a representative office in China in order to set up operational foreign-funded banks (such as branches or subsidiaries). If one branch of an Australian bank established in China has obtained the permission to engage in RMB business, other branches established by the same Australian bank in China may apply to engage in RMB business provided that they have met relevant prudential requirements. China removes the minimum requirement on the amount of the non-callable operating capital allocated from an Australian subsidiary to each of its branches in China. Subsidiaries established in China by Australian banks will be allowed to engage in credit asset securitization business and enjoy national treatment on condition that they have met the requirements of the Administrative Rules on the Pilot Program of Credit Asset Securitization by Financial Institutions and obtained approval.