Although the bank has only acquired the right to take deposits and make loans to Chinese citizens in foreign currencies in two Shanghai branches, the move into China is being hailed as quite a coup by the US financial services group.
Other banks have been allowed to operate in China before, but only to offer services to multinational corporations with offices in the country.
The bank hopes to extend the new services it is offering in Shanghai to three other provinces where it has branches.
Citibank Cracks China
Citibank has become the first wholly owned foreign bank to gain access to China's $120bn individual and corporate foreign-exchange savings and loan market.
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