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Beijing clears Japan's MUFG to streamline fund transfers

Companies based in Shanghai's free trade zone face less scrutiny

China applies strict controls to fund transfers to stabilize the value of the yuan.   © Reuters

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.

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