SHANGHAI, China (AP) -- Bank of America now has permission to do business in one of the world's fastest growing markets.
The Charlotte-based bank won approval to conduct Chinese currency business in Beijing. The branch can extend its services, such as cash management loans, bank guarantees and trade finance, in the local currency to customers beginning immediately.
The bank issued a statement today saying approval came from the China Banking Regulatory Commission.
Bank of America has a eight and a half percent stake in China Construction Bank Corporation, one of the country's four big state-owned commercial banks.
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