Chinese bank ICBC signs deal to enter US market

Chinese bank ICBC signs deal to enter US market

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Chinese bank ICBC, the world's largest by market value, has signed an deal that will allow it to enter the US retail banking market

ICBC, the Industrial and Commercial Bank of China, has agreed to buy a majority stake in the US subsidiary of Bank of East Asia in a deal that would make it the first Chinese state-controlled bank to acquire retail bank branches in the United States

ICBC has been the most aggressive of China's "big four" banks in expanding overseas

ICBC's US customers to buy and

(visit the link for the full news article)

The new deal would allow ICBC's US customers to buy and sell the yuan

Interesting move and quite the power move it is!

To take this lightly competing currencies could be a good thing, to take it to the extreme it's the end of the dollar!

In relation to this I would like everyone to listen to this interview from Yesterday:


Thoughts?

[url=http://www.google.com/hostednews/afp/article/ALeqM5gfS9R4QFH9_ozvgkK2wepcx3i1UA?docId=CNG.0a687712ffe53e5e40c68adf7e648abe.5c1]www.google.com[/ur l]
(visit the link for the full news article)

Ni-how fellow global citizen!

2nd line lol.

Nice find!

stars for u!

So, what are they saying?

They are opening branches in the US, and we can open savings and checking accounts, and then they'll give us the Yuan when the dollar crashes?

On the face of it, it's a pretty sound buisness move from the Chinese.
But there could be political ramifications as well.
It would give them access to lobbyists who would then have access to congress and the American political arena.
This would give them the power to influence decisions made by congress, especially ones affecting trade with China.
Is this something that America needs right now?
I think not due to the loss of jobs overseas and the destruction of the manufacturing industry.

Originally posted by ModernAcademia
bank ICBC, the world's largest by market value, has signed an deal that will allow it to enter the US retail banking market

ICBC, the Industrial and Commercial Bank of China, has agreed to buy a majority stake in the US subsidiary of Bank of East Asia in a deal that would make it the first Chinese state-controlled bank to acquire retail bank branches in the United States

ICBC has been the most aggressive of China's "big four" banks in expanding overseas

ICBC's US customers to buy and

(visit the link for the full news article)

I would assume that the other three are part of some similar cartel as we have here in the US. If this is the only bank to expand multi-nationally, it is probably being risk managed by the other three. Therefore, China is investing 25% into foreign assets. That is very much the case with nearly all facets of the country's finances as of the last five years.

It has paid well for them in the past, and I expect that this will bode well for them in the future. If the US would go back to pioneering liberty, and sound money/business practice, we would see China's rise cease almost immediately.

That leads me to believe that we are too far gone, or that is not the plan of the elite.

Originally posted by sodakota
So, what are they saying?

They are opening branches in the US, and we can open savings and checking accounts, and then they'll give us the Yuan when the dollar crashes?

edit on 1/22/2011 by sodakota because: duh

not necessarily, basically you can open up an account with them and buy and see the Yuan
China has often wanted their currency to be the global currency

They probably want to take over the global economy and in all honesty
if someone does, only China can

But be ready for horrible stories of the side effects of globalism