Good news!
"US bank Citigroup has received approval to set up a wholly foreign-owned securities firm in mainland China, allowing the lender to pursue more opportunities in one of the world’s largest capital markets. ..."
"... The approval, which was also announced on the same day by the China Securities Regulatory Commission, followed a recent approval by Beijing for the U.S. payments giant Visa to prepare to set up a bank card clearing business in China. ...
In a statement, Citi, a major U.S. financial services provider, said the onshore securities license will allow Citi — through the new entity — to offer equities brokerage, securities underwriting, securities research and principal trading services to domestic and foreign clients. ..."
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