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Citi announced on Friday it has signed memoranda of understandings with Bank of China Ltd and China Merchants Bank Co Ltd to strengthen cooperation between Citi and the two banks in supporting clients' investments and projects related to the Belt and Road Initiative.

Client services are delivered through on-site, phone calls, websites and instant messaging systems such as WeChat, said De Feraudy.

Chinese theaters were shuttered for nearly half a year due to the pandemic, starting in late January. Three of the National Day blockbusters, Leap, Jiang Ziya and Vanguard, the latter starring action giant Jackie Chan, were once scheduled for the Spring Festival holiday, one of China's most lucrative box-office periods, which started on Jan 25.

Christine Lee, a leading Chinese lawyer practicing in the UK and chairwoman of British Chinese Project, said the principle of "one country, two systems" have been applied to and have existed in both Hong Kong and Macao, the two special administrative regions.

Citibank was one of the first, setting up a branch in the Shanghai FTZ in September 2013. Over the past five years, its FTZ branch has become a pioneer in terms of financial reform and innovative policies. In January 2014, the branch set up the first automatic cross-border renminbi two-way capital pool. It also introduced an intercompany crossborder netting transaction using renminbi in 2015－the first of its kind in the world.