The China Banking Regulatory Commission has granted Swedbank a local currency license to use the Renminbi.
The Shanghai branch, which has been operating since 2007, previously just had a foreign currency license. The local currency license allows Swedbank to offer more services to customers interested in the Chinese market.
In addition to the existing range of services in foreign currencies, the Shanghai branch will be able to provide corporate customers RMB services to include cash management, lending and deposits, FX and derivatives products.
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