When Shanghai opened its free trade zone on September 29, Citigroup was one of the first foreign banks to hang out its shingle. The US bank is opening a branch in the enclave where the Chinese government is experimenting with reform of its interest rate and foreign exchange regimes.
Many other overseas banks were worried about unclear guidelines on what is and what is not allowed but Andrew Au, chief executive for Citibank China, committed to fully participating in the development of the zone and playing an active role in renminbi cross-border flows.
Foreign banks and brokers have struggled to establish money-making businesses in the Middle Kingdom,...
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