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Bank of Communications to set up 8B yuan asset management unit

Bank of Communications Co. Ltd. proposed to set up an asset management unit, Bocom Asset Management Co. Ltd.

The unit will be established in Shanghai with a registered capital of up to 8 billion yuan, the bank said, adding that it will use its own capital to fund the investment.

The move is subject to relevant regulatory approvals.

As of May 30, US$1 was equivalent to 6.42 Chinese yuan.