UBS AG looking to consolidate Chinese business
(China) Swiss bank UBS AG has moved to establish a presence in mainland China by applying to Chinese authorities to open a branch in Beijing.
The bank became the first foreign investor to be given permission to trade A shares in the local yuan currency, after taking advantage of China’s US$500 billion Qualified Foreign Investor Scheme.
The investment bank was given the go-ahead to trade in China’s domestic currency last May.
The investment bank was given the go-ahead to trade in China’s domestic currency last May.
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