Abstract
Five years following China's accession to the World Trade Organization (WTO), foreign banks are scheduled to be granted full access to the country's vast local currency in December 2006. The foreign banks' competitive attributes, such as size and international banking experience, have facilitated their entry into China. These efforts, however, have been countered by the improving competitiveness of Chinese banks. Further prompted by high entry and operating costs in Renminbi (Rmb) business, foreign banks have engaged in different strategic responses to these challenges. All things considered, it is envisaged that only a very small number of foreign banks will be able to emerge as big players in the Chinese banking market.
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