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Bank of Communications' investment unit gets regulatory nod to begin ops

Bank of Communications Co. Ltd. received regulatory approval to begin operations of BOCOM Financial Asset Investment Co. Ltd.

The wholly owned subsidiary has a registered capital of 10 billion Chinese yuan and will mainly engage in debt-to-equity swaps and other supporting businesses. It received approval from the China Banking Regulatory Commission, according to a Dec. 28 release.

As of Dec. 28, US$1 was equivalent to 6.53 Chinese yuan.