CHINA
1st Foreign Bank Branch Opens in Beijing: China’s capital was opened to foreign bank branches when Beijing Mayor Li Qiyan cut the ribbon for the Bank of Tokyo branch. The event came 40 years after China’s Communist rulers threw out all overseas capitalists. Tasuku Takagaki, president of the Japanese bank, said the move was essential in a city that wields so much economic and political clout. Hong Kong & Shanghai Banking Corp. plans to revive in early August the branch it operated in Beijing from 1885 to 1955, a spokesman said.
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