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China's Bank of Communications to set up branch in Sydney       Updated: 2009-07-30 17:00

SYDNEY, July 30 (Xinhua) -- The Shanghai-based Bank of Communications has chosen Sydney for its first Australian branch, pending approval from the Australian Prudential Regulatory Authority.

New South Wales Development Minister Ian Macdonald said on Thursday the move showed Sydney had overtaken Melbourne as the nation's financial hub.

"This is the latest endorsement of Sydney as Australia's financial capital and as a leading financial center in the Asia Pacific," he said

These unilateral measures fundamentally violated WTO rules, and significantly disrupted the normal poultry meat trade between China and the United States, Yao said in the statement.

Such measures are typical acts of protectionism, which the Chinese government and enterprises strongly opposed, Yao said.

"The NSW government places a high priority on further developing Sydney as a global business and financial center in the Asia Pacific."

The Bank of Communications vice president Peng Chun said the bank plans to expand its Australian operations.

"Sydney is a good choice for the bank because the city has a well-developed financial services sector," he said.

"It will be an important addition to the bank's global network