Citibank has opened its fifth branch in the northern Chinese municipality of Tianjin.

The US banking giant's four previous branches are in Beijing, Shanghai, Guangzhou and Shenzhen.

Stephen H Long, a senior bank official, said Tianjin was a Chinese economic center with active foreign investment and booming financial services, and it had the potential to become a key city of finance.

Dai Xianglong, mayor and former president of China's central bank, the People's Bank of China, said, "Citibank and other leading international financial enterprises have expanded their business to Tianjin. It is good news for local commerce and the economy,"

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