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China Inaugurates Shanghai Zone in Financial Reform Drive

Citigroup Inc. and Bank of China Ltd. said they will participate in Shanghai’s free-trade zone as the Chinese government inaugurated the 11-square-mile experiment in more relaxed financial and investment controls.

The two banks were among the first to announce their participation in the zone, which opens with the aim of creating a more efficient and open economic system, Commerce Minister Gao Hucheng said at a ceremony yesterday.