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Why doing business with the dragon is a Chinese puzzle2 R" n6 y" Y: d$ B7 A8 M9 ^! ^
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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? 8 @9 w6 S8 _) c! o6 ~+ y; V% F* e: `7 q( i, L
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. ' \: [2 W! f. _" Z& P: ?& _/ { ; |2 o, U R; K; i; _4 iFar more significant, however, is the long-term "guanxi" (relationship) that Barclays has established with the world's powerhouse of growth.# C8 P3 P; X8 Q6 L" B* J
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