ABN AMRO plans to locally incorporate its business in China in order to provide RMB services to individual customers, People’s Daily reported. The China Banking Regulatory Commission (CBRC) has proposed that foreign players need to locally incorporate their business worth at least 1 billion yuan (125 million U.S. dollars) in order to secure a license to offer RMB services to local residents. "ABN AMRO is in the position to boost business in various sectors in China's mainland, but all the business should be done in line with relevant regulatory rules," said the paper, quoted the bank's China executive, Linda Wong, as saying. ABN AMRO is the first foreign bank to agree to the CBRC proposal, which the regulator is seeking advice before putting it into practice.