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The newly restructured Bank of China (BOC) Group will move from its registered place Beijing to Hong Kong.
Hong Kong will become a platform for BOC to experiment with its global management system in the future and a springboard for it to expand business in Asia.
After the move, the mainland branch of BOC will become a stated-owned foreign funded bank.
Beijing revealed that the capital operations of BOC, that is, BOC's Renminbi transaction and financing activities, will be transferred to Hong Kong to ensure an effective control of risks.
(People's Daily 02/12/2001)
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