ANZ has been quick off the mark to secure approval for its business in China and to establish a sub-branch in the China (Shanghai) Pilot Free Trade Zone.Notional free-trade areas are generating fresh support among China's political leadership. The Shanghai zone was first promoted only early this year.Other banks to win approval include Deutsche Bank and Singapore's UOB.Foreign bank branches in the zone may have more latitude than elsewhere in China.An analysis of the regulations by lawyers Herbert Smith Freehills noted that "interest rates may be set by the market and renminbi capital amounts may be freely converted in the FTZ, but only on the condition that 'relevant risks' remain controllable."ANZ said its new sub-branch will "provide a comprehensive range of banking products and services, including trade, FX, commodities [and] lending and cash management to companies operating in the FTZ, in both foreign and local currencies."