 These foreign banks can launch the RMB retail business of below RMB1 million for Chinese domestic citizens after the inspection and confirmation by the relevant banking regulatory administration authorities.The Hongkong and Shanghai Banking Corporation was one of nine foreign banks to have applied for the incorporation.On 1 April 2007, the mainland China offices of The Hongkong and Shanghai Banking Corporation transferred to its subsidiary HSBC Bank (China), and it started operations on 2 April.