Bank of Mozambique created Government of Mozambique took over, without compensation, the Mozambican operations of Banco Nacional Ultramarino, a Portuguese colonial bank that had been acting as the bank of issue for the colony. This became the nucleus of Bank of Mozambique. In 1977 the government also nationalized almost all banks in the country, including the Casa Bancária de Moçambique, and the Mozambican operations of Banco de Crédito, Comercial e Industrial and Banco Comercial de Angola, and merged them into Bank of Mozambique. At the same time it closed the operations of Banco de Fomento Nacional and Banco Pinto e Sotto Mayor. (The
China–Mozambique relations Shanghai and Maputo share a sister city relationship. From 1992 to 2003, 22 Mozambicans went to China as international students. Estimates for the number of Chinese nationals residing in Mozambique ranged from 1,500 to 12,000. China's pattern of trade with Mozambique differs from that with their major trading partners on the African continent, such as Angola, Nigeria, and Sudan. China mainly imports agricultural and fisheries products from Mozambique, but few raw materials, while exporting manufactured goods and machinery. Between 2004 and 2006, bilateral trade tripled in value from US$70 million to US$210 million, making China one of Mozambique's three largest