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China approves SWIFT subsidiary as demand for yuan rises

Interbank messaging provider says unit will allow Chinese language transactions

SWIFT already has two offices in China, but the Beijing-based locally incorporated outfit -- the first of its kind -- will facilitate yuan and other foreign currency transactions. (Nikkei Montage/AP)

BEIJING -- The SWIFT interbank messaging provider is expanding its footprint into the world's second-largest economy, with the Brussels-based society saying Wednesday that China has approved the founding of a subsidiary in Beijing.

Alain Raes, the Society for Worldwide Interbank Financial Telecommunication's chief executive for the Asia Pacific and Middle East region, told the Nikkei Asian Review it was setting up the wholly-owned unit in the Chinese capital to tap into growing demand for the yuan.

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