Beijing clears Japan's MUFG to streamline fund transfers

SHANGHAI -- Top Japanese lender MUFG Bank has won approval from Chinese authorities to conduct fund transfers out of the country for select clients in a way that reduces scrutiny by Beijing and slashes paperwork.

The clearance applies to MUFG Bank clients based in Shanghai's Lingang economic development zone. A group company under Japanese trading house Itochu has begun using the service.