Xinjiang Rural Commercial Bank has been approved to open for business, with a registered capital of 34.88 billion yuan.

On December 23, the Xinjiang Financial Regulatory Bureau issued a reply approving the establishment of Xinjiang Rural Commercial Bank Co., Ltd. and its branches. The opening of these institutions will be subject to the supervision and management of the local regulatory authority dispatched by the China Banking and Insurance Regulatory Commission. The reply indicates that the registered capital of Xinjiang Rural Commercial Bank is 34.888 billion RMB. Furthermore, the reply approved the appointment qualifications of Zheng Yufeng as Chairman of Xinjiang Rural Commercial Bank and Bai Xueyuan as President of Xinjiang Rural Commercial Bank. The reply also states that Xinjiang Rural Commercial Bank must commence business within 6 months from the date of obtaining the business license. With the opening of Xinjiang Rural Commercial Bank, it was also approved for the dissolution of 56 legal entities and branches, including the Xinjiang Uygur Autonomous Region Rural Credit Cooperative, with all assets, liabilities, business, personnel, branches, and all other rights and obligations being transferred to Xinjiang Rural Commercial Bank.