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Why doing business with the dragon is a Chinese puzzle' E5 M% z3 V" p7 K: G
/ f# T7 f! V$ D/ o 9 m/ _2 ^$ P. j1 w1 O, L; `" J( `Barclays' chief executive, John Varley, is not the sort to bang back a few lagers at lunchtime. But who could blame him for sinking a Tsingtao beer with his chow mein and chips, after the deal he has just done with the Chinese?& n( E% _3 F, W4 @- [+ N+ v
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By securing an investment of up to £6.6bn from the state-owned China Development Bank (CDB), Varley has boosted Barclays' chances in its battle with Royal Bank of Scotland to buy the Dutch bank, ABN Amro.: E7 C" x/ A8 C2 c
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Far more significant, however, is the long-term "guanxi" (relationship) that Barclays has established with the world's powerhouse of growth. * H& T6 I z0 a# Z$ }% c8 H @) J4 |% F* x ` R$ p) ~" Q v
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