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Post office expands banking

By Zhang Fengming (Shanghai Daily)
Updated: 2007-02-27 14:32

China's postal bureau reforms began showing up inShanghaiyesterday as a new state entity started offering a wider range of banking services.

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The new Shanghai Post is now taking United States dollar deposits in addition to its previous yuan services and will soon offer small loans. It's all part of the national reform effort to split mail delivery from the postal bureau's banking services.

Shanghai Post will operate like a commercial company while the New Shanghai Post Management Bureau will serve as a regulatory body.

"The move marks an important step in Shanghai's postal system," Mayor Han Zheng said in a statement.

Starting yesterday, 12 postal outlets in Lujiazui, Caohejing, the Bund and other areas started taking US dollar deposits. The service will be expanded to 35 city post outlets on April 1.

Over the long term, Shanghai Post will offer services for more foreign-exchange deposits, including the euro, Japanese yen, British pound andHong Kongdollar.

It will also offer foreign currency exchange and settlement in the future.