A former Chinese bank will reopen in Shanghai.
The bank of Communication, one of China’s leading banks during the first half of the 20th Century, will soon reopen in Shanghai, according to the China Daily in Peking. The newspaper said the bank will be the first in China to raise capital by selling shares to the state, businesses, institutions and individuals. The report also said that the bank will handle domestic and foreign currencies. The original Bank of Communication was established in Shanghai in 1908. In 1958, it was absorbed into the People’s Bank of China and the People’s Construction Bank of China.
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