Nokia's China challenge

China is Nokia''s second biggest market, but the financial regulations under which the company has to operate are not in line with its importance as a market.

Speaking at a panel discussion on the impact of regulation on corporate treasurers, Jaya Machet, managing director of Nokia Treasury Asia, spoke of her company's travails in running its finances in China.

While Nokia's actual business is booming in the middle kingdom - now being the second largest market for the firm in the world after the US - the company, like every other, has to operate under a prehistoric regulatory system. Machet pointed to a number of banking regulations that make life very difficult for a corporate treasurer.

For instance, if you want to undertake a foreign exchange transaction in China, you need to provide your...

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