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Who can help me translate the following passage into English?
At present, the competition among banks is becoming increasingly fierce, which has become one of the three basic businesses of banks. Intermediary business has become a new profit growth point of banks. Developing intermediary business is the main means for commercial banks to improve their services, expand profit channels, reduce operational risks and improve operational efficiency. Especially, at present, a large number of foreign banks have entered the China market, and China's banking industry is facing enormous competitive pressure. Although foreign banks have had great advantages in intermediary business after decades of development, China is still in the primary stage in this field. Therefore, in order to be in an advantageous position in the competition, we must vigorously develop intermediary business. By learning from the successful experience of foreign commercial banks, facing up to the current development status of intermediary business in Chinese commercial banks and finding out the problems will help Chinese commercial banks to carry out intermediary business better.