Foreign banks will need niche to prosper in FTZ

Liberalization policies are creating opportunities for overseas financial institutions and their clients, reports Wu Yiyao from Shanghai

Since the China (Shanghai) Pilot Free Trade Zone was launched in September, there's been an increasing number of bank opening ceremonies, and executives of foreign banks said that as more detailed guidelines are released, business has been picking up.

Since March 1, there's been no interest rate ceiling on foreign currency deposits of up to $500,000, whether held by companies or individuals.