Citigroup has agreed to form an investment banking joint venture with a Chinese brokerage, the Wall Street Journal reported. The proposed partnership with Central China Securities Holdings, which would allow the US bank to collect fees from underwriting the sale of yuan-denominated shares and bonds on the Shanghai and Shenzhen stock exchanges, is currently awaiting official approval. Foreign investment banks were given more freedom to operate in China under new rules released last month, which had been pressed for by US Treasury Secretary Henry Paulson during bilateral economic talks. Morgan Stanley and Credit Suisse have already formed agreements with local financial institutions in order to apply
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