More than 20 foreign banks from Europe, Japan and the United States have now been granted corporate status in China, allowing them to conduct business with domestic customers in both foreign currencies and the RMB.
Among the foreign banks are Citibank, Deutsche Bank, Standard
Chartered Bank and Mizuho Corporate Bank. Earlier this week, Russia's
largest bank, Venshtorgbank, opened its first China branch in Shanghai.
The Russian bank entered credit granting agreements with several
Chinese banks and the China Export and Credit Insurance Corp. to
support Russian importers.
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