Shanghai's free trade covers an area of 29 km2, and offers financial firms a streamlined registration process by cancelling out a number of financial requirements needed to set up shop in China.
Deutsche Bank is currently the only German bank with a presence in the free trade zone. Reuters reached out to Commerzbank, Germany's No. 2 bank, for comment - they said they had no plans to follow suit.
Commenting on the Shanghai free trade zone, Alan Cloete, co-CEO of Deutsche Bank Asia Pacific, said: “The establishment of this free trade zone is a critical step in China’s ongoing ambitious financial reforms on cross-border trade and investment flows.”