Comtex Finance via NewsEdge Corporation :

BEIJING, Nov 16, 2006 (Xinhua via COMTEX) -- China's new regulations to open the Renminbi service to locally-incorporated foreign-funded banks comply with the principle of the World Trade Organization (WTO).

Song Dahan, deputy director of the Legislative Affairs Office of China's State Council, made the remark here Thursday at a press conference.

In response to a question, Song said the regulations will protect the interests of depositors, and give the same treatment to both Chinese and foreign-funded banks.

"Both Chinese and foreign-funded banks are required to be registered in China and locally incorporated so as to conduct the Renminbi service," he said.

The regulations comply with the WTO rule, the principle of prudence and international common practice, he said.