Citigroup Gets Regulatory Approval for Fund Custody in China

Citigroup said it had become the first major global custodian allowed to operate an onshore fund custody business in China, tapping into the country's $19 trillion asset management industry. Citibank (China) Co Ltd obtained the approval from the China Securities Regulatory Commission (CSRC), according to a story in Reuters news. China is accelerating opening up its capital markets despite rising Sino-U.S. tensions. Citi has been providing cross-border securities services in China for more than two decades and plans to expand its investment banking business in the country.