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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.
“We have invested significantly in our Securities Services operations in Shanghai, and we plan to continue building up our local capabilities to meet our clients’ increasing demand in China, such as fund administration and other outsourcing services,” David Russell, Citi’s Asia Pacific head of securities services, said in the release.
In the last two years, the Chinese government has sped up efforts to allow greater foreign access to its previously closed financial market. Relaxing ownership restrictions and granting business licenses to American financial institutions are also part of the phase-one trade agreement between the U.S. and China.
The Chinese regulatory approval for Citi follows similar moves for other foreign financial institutions that have long wanted to expand their operations in the local market.
On the technical front, the RSI is at 49.52% and suggests that the market is in mixed territory. The current price is trading around all the moving averages. The stochastic is forming a parallel side crossover.
Overall Bias is positive and Short-term buy trades can be initiated with below mentioned Stop Loss and Profit targets.
Trade Suggestion–BUY Citigroup Inc. at 51.20 Take Profit at 52.31 Stop Loss at 50.01