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ANZ doubles up in China

ANZ yesterday announced "plans" to invest a further two billion renminbi (A$316 at current exchange rates) in its wholly owned subsidiary in China.The bank already has 2.5 billion renminbi invested its 19-month-old business in China, on top of minority stakes in two regional banks.ANZ is the first Australian bank to have secured a retail licence in China.It is progressing plans to develop a mainland Chinese clientele with links to Australia and New Zealand, as it exploits the licence allocated it last month to operate a yuan-dominated retail business in the country.

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