FX Week

Citibank First US Bank To Receive BoC Approval For Beijing Branch

BANKS

Citibank is the first U.S. bank to receive permission from the People's Bank of China to operate a Beijing branch, officials say. Citibank will upgrade its existing representative office there to a full branch, which should be operational by next month, says regional manager for financial markets in Asia-Pacific, Y.S. Wong.

The bank has had a representative office in Beijing since 1984, but this marks the first time the bank will be able to offer a full range of commercial banking services,