Citigroup
...ds and travelers checks in their country is limited. This agreement will prove to be very helpful to Chinese citizens traveling abroad. Before this deal it was often required for Chinese citizens to present a valid travel visa before any bank would consider selling their currency in exchange for yuan. Now for the first time, Chinese citizens will be able use their normal yuan cards anywhere, instead of using special dual currency card which were previously used abroad. In my opinion, this is just another example of China’s emergence as a major contender in the world’s economic market. Several U.S. companies, as well as companies in other superpower nations, are trying to tap into China’s vast resources. China has finally developed a wealthy class that makes it economical for a U.S. bank to be interested in their needs. By 2006, Citigroup is expected to offer not only ATMs, but a full range of services in yuan including accepting their deposits and issuing loans. It could turn out to be a very lucrative move for Citigroup to be on of the first major financial companies to be well establ...