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12 December 2006, was a remarkable day in the history of the Chinese banking industry, when China Banking Regulatory Commission (CBRC) allowed the foreign banks to do retail business in domestic currency (RMB) without any geographic restrictions. Hong Kong and Shanghai Banking Corporation (HSBC) Limited became one of the first banks to receive such a license. HSBC had focused on the Chinese market long before the foreign players rushing their investments as a result of China's opening up of the banking sector under its World Trade Organisation (WTO) commitment. Established in Hong Kong and Shanghai in 1865, HSBC had entered into numeric strategic partnerships in mainland China. Reflecting on its long-term commitment to the country, HSBC moved its China head office from Hong Kong to Shanghai in May 2000. In fact, HSBC was the only foreign bank, which aimed at the business development in China's interior regions. The bank's reputation as the best foreign bank in China's US$4.9 trillion banking market made HSBC one of the major forces to reckon with. Going forward, HSBC wanted to become a major player in China over the next seven to ten years by operating in all areas of the financial services sector. But, with the growing number of foreign players, China's complex regulatory system and protests against job outsourcing would stand as a major hindrance to its long term objectives.