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CCB Offers Capital Clearing Service for Citibank
The China Construction Bank (CCB) announced Friday that, as of today, Citibank's RMB capital clearing businesses in the Chinese mainland can be handled through the CCB's capital clearing system, and an agreement has been signed Friday.
The CCB is one of the earliest Chinese commercial banks that have established a nationwide capital clearing system. The system integrates capital remittance, reconciliation, clearing, inquiry, supervision, business accounting and other functions to provide fast, secure and convenient services.
Citibank is the first bank of the United States to do businesses in China, with its presence in China for nearly a century. Over the past 20 years the bank has had fast business development in China, especially in project financing, securities, foreign exchange trading, foreign trade financing and consumer banking businesses.
A spokesman for the CCB said that since the bank launched capital clearing services for other commercial banks in 1999, it has signed agent agreements with more than 90 commercial banks or their branches. In 2000 alone it handled such businesses of 26.6 billion yuan.
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