Ｔｈｅ Ｌｏｃａｌｓ’Ｏｐｐｏｒｔｕｎｉｔｙ ｕｎｄｅｒ Ｆｏｒｅｉｇｎ Ｂａｎｋｓ’Ｅｘｐａｎｓｉｏｎ

The global financial crisis is striking the internationalfinancial market severely.Since July 2007，foreign banks andbrokers have been suffering an enormous loss caused by thefinancial crisis.More than 160 thousand jobs have been cut thisyear by financial institutions like Citibank，HSBC and MorganStanly，etc.However，what shows a strong contrast with globaljob cutting is that these foreign banks are rapidly expandingtheir business in China.According to the data of related market，seven foreign banks have opened more than nine new branchesin two months after September 17，the day that Lehman Broth-ers filed for bankruptcy protection.November 17，HSBC issuedChina UnionPay debt cards in 17 cities of China.At the sametime，several new services of foreign banks were supposed tobe authorized by CBRC (China Banking Regulatory Commis-sion)，including loan corporation of Citibank and credit cards ofBEA.