Citibank in China Welcomes the Yuan

Many rules remain, but qualified foreign banks can now accept yuan deposits from savers, a move they hope will reap profits down the road

This is one trip to the bank that Lu Lugang won't soon forget. On Apr. 23, he showed up at Citibank's (C) flagship branch in the financial district of Pudong in Shanghai to open an account with an initial deposit of 80,000 yuan—or about $10,370. He then was treated like some Chinese film celebrity. As young women in bright silk outfits pounded on traditional drums, a barrage of flashbulbs went off, and Citi executives toasted him with glasses of Moët & Chandon champagne.

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