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The
approval, which was also announced on the same day by the China
Securities Regulatory Commission, followed a recent approval by
Beijing for the U.S. payments giant Visa to prepare to set up a
bank card clearing business in China.
The moves by Beijing to open its financial market to U.S.
companies have come as the two leaders are expected to meet two
more times by the year's end to maintain the fragile ties
battered by a tariff and trade war.
In a statement, Citi, a major U.S. financial services provider,
said the onshore securities license will allow Citi — through
the new entity — to offer equities brokerage, securities
underwriting, securities research and principal trading services
to domestic and foreign clients.
Citi says it has a “sizable corporate and institutional client
base looking to access the Chinese capital markets.”
Wenjie Zhang, Citi's country officer and banking head for China,
called the securities company “an important part of Citi's
strategy in China.”
Jane Fraser, Citi's chief executive officer, was part of the
U.S. business delegation that accompanied Trump on his May trip
to Beijing. She was also a guest at the state dinner that Trump
hosted for Xi in the White House last month.
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