In possibly its biggest move toward opening its financial system to foreigners, Banco de Mexico, Mexico's central bank, has approved 18 of the 20 applications for banking licences, 16 brokerage licences and 12 insurance licences (FX Week, April 4). Among U.S. commercial banks, American Express, Bank of America, Bank of Boston, Chase Manhattan, Chemical Bank, Citibank, First Chicago, JP Morgan and Republic National Bank of New York received banking licences. Brokerage licences were awarded to

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