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Sumitomo in China deal

Japan's Sumitomo Trust and Banking Co and Bank of China have formed a tie-up under which Sumitomo lends yuan loans to Japanese companies operating in China, a news report said yesterday. "Under the service, when a Japanese company borrows yuan from Bank of China, the full repayment is guaranteed by Sumitomo Trust, which collects a fee from the borrower in return," the Nihon Keizai Shimbun said, citing Sumitomo Trust sources. Bank of China is one of the four largest state-owned commercial banks in China.

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