China OKs First Foreign Bank
United Press International
PEKING — China announced today that it has approved establishment of the first branch of a foreign bank on its soil since 1949 and urged other financial institutions to file applications.
Western business representatives said the announcement was a “tentative step” toward gaining access to the lucrative Chinese banking market. The Hong Kong and Shanghai Banking Corp., with headquarters in Hong Kong, will set up a branch in the Shenzhen Special Economic Zone, the official New China News Agency reported.
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