China's State Administration of Foreign Exchange (SAFE) granted 15 banks overseas investment quotas totaling US$13.4 billion dollars last year, state media reported Friday. The banks make up China’s qualified domestic institutional investor (QDII) program.

Citigroup Inc. reportedly plans to raise US$3.5 billion for a fund called Citigroup Venture Capital International Growth Partnership II LP, to invest in companies in emerging markets, such as China.

J.P. Morgan’s latest step toward locally incorporating in Beijing places the bank in a more coveted spot among its peers to tap into the US$2 trillion available in Chinese household savings.

China’s yuan hit another series of record highs – on the heels of the Group of Eight (G-8) meeting in Davos, Switzerland and ahead of the Group of Seven (G-7) meeting held in Germany this past weekend.

China Minsheng Banking Corp. will raise up to US$3 billion in a private placement with up to 10 existing and new investors – sidestepping the recent fluctuations in the broader stock market and capitalizing on the rise in investor confidence in China’s banks.