Wells Fargo (NYSE:WFC) China Application

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Wells Fargo (NYSE:WFC) has applied for a renminbi license as part of its expansion strategy in China. Wells Fargo (NYSE:WFC) China Application Wells Fargo (NYSE:WFC), the U.S. based lender, has applied for renminbi license at the Chinese banking regulators to expand its business in China. The bank has started a new unit Wachovia Legacy in Shanghai to focus on international correspondent banking. Wells Fargo (NYSE:WFC) is focusing on the expansion of its global presence after its acquisition of Wachovia Corp. two years ago. David Hoyt, senior executive vice president of Wells Fargo (NYSE:WFC), said, “Combined with the consistent economic development and the rapid internationalization of the renminbi, we continue to see positive developments and opportunities in China to expand our business and better serve our customers”. Wells Fargo (NYSE:WFC) company shares are currently standing at 30.15. Price History Last Price: 30.15 52 Week Low / High: 23.02 / 34.25 50 Day Moving Average: 32.19 6 Month Price Change %: 18.9% 12 Month Price Change %: -4.6%