In more economic news from China, the Chinese government is opening up local business to foreign banks. As one of the conditions for China joining the World Trade Organization five years ago, the country is allowing foreign banks to incorporate in China and to handle retail business using Chinese currency. (Before last week, these banks could only handle foreign currency when doing business in China, and only in 20 major cities.) The eight banks that have applied for one of the new retail licenses include banks from Japan, Britain, Singapore, the US, and the Netherlands. Many had been buying interests in local Chinese banks to prepare for this development, because they saw big financial opportunities in China's growing economy.