Yes

Article 3 of the Commercial Bank Law of the People's Republic of China Commercial banks may engage in some or all of the following businesses

(1) To attract the public Deposits (2) Issuing short-term, medium-term and long-term loans (3) Handling domestic and foreign settlements (4) Handling bill acceptance and discounting (5) Issuing financial bonds (6) Agency issuance, redemption and underwriting of government bonds (7) Buying and selling government bonds , Financial bonds (8) Engage in inter-bank lending (9) Buy and sell foreign exchange as an agency (10) Engage in bank card business 11) Provide letter of credit services and guarantees (12) Agency for collection and payment and insurance agency business (13) Provide Safe deposit box services (14) Other businesses approved by the banking regulatory authority of the State Council.

The business scope shall be stipulated in the commercial bank's articles of association and shall be submitted to the banking regulatory authority of the State Council for approval. Commercial banks may engage in foreign exchange settlement and sales business with the approval of the People's Bank of China.