Statistics show Chinese yuan business plays an increasingly important role in overseas banks' profits.

In Shanghai where there are more branches of foreign banks than in any o ther place in China, half of the profit of overseas banks comes from the Chinese yuan transactions.

The total after-tax profit of these banks reached US$83 million last year, a six percent increase over the previous year.

Following its WTO commitment, China expanded the yuan services of foreign banks to 13 cities at the end of last year. And restrictions on yuan service customers are also being eliminated.

(CRI April 6, 2004)