HONG KONG -- Citicorp's Citibank unit said it would make Shanghai the headquarters of its China operations after gaining approval from the People's Bank of China to open a country representative office in that city.

Citibank has had a full branch in Shanghai since 1991 but Hong Kong has been the headquarters for its China business.

"Our move reflects Citibank's long-term commitment to China and our determination to further expand our activities and investments in the country," said Citibank country corporate officer for China, C.P. Cheng.

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