From regulatory approval to business decisions, major American financial giants are moving deeper into the Chinese market, even though political tensions between the two countries are growing.
Citi announced Wednesday it received a domestic fund custody license from the China Securities Regulatory Commission — becoming the first U.S. bank and the first of the top 5 global custodians to do so.
The license will allow Citi to hold securities and sell related custody services to China-based mutual funds and private funds, if Citi passes the regulator’s inspection later this year, according to a press release from the bank.
