December 1996: Four foreign banks, including HSBC and Citibank, approved to conduct yuan business on a trial basis, with a further four banks approved in early 1997. December 1997: The People's Bank of China lifted controls on the amount of loans banks could make. Banks would, from then, lend based on risk entailed. March 1998: Banks' reserve ratio cut from 13 per cent to 8 per cent, allowing banks to lend more. April 1999: First of four asset management firms - China Cinda - formed to resolve bad debt of state-owned banks. The other three were Huarong, Orient and Great Wall. April 2003: The China Banking Regulatory Commission established as the sole supervisory authority of domestic and foreign institutions. November 2003: Hong Kong banks permitted to provide limited yuan business in Hong Kong. December 2003: US$45 billion injected into Bank of China and China Construction Bank to recapitalise them. June 2005: Bank of Communications listed in Hong Kong, raising $14.64 billion.