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U.S. lawmakers have been unusually silent about federal regulators' decision to allow a Chinese bank to take over 13 bank branches in New York and California, suggesting that they think American banks have much to gain
“What this boils down to is that there are a ton more potential customers in China for U.S. banks than there are potential customers for the Chinese here,” Talbott said. “So in the long run, the approval is going to benefit the U.S.”
Wednesday's decision allows Industrial & Commercial Bank of China, which is 70 percent owned by the Chinese government, to take an 80 percent stake in a Hong Kong-based bank with 13 branches in the U.S. The Fed also allowed two other Chinese banks to open branches in New York and Chicago.
"This unprecedented acquisition of a controlling stake in a US commercial bank by a mainland bank is strategically significant," Xinhua quoted ICBC chairman Jiang Jianqing as saying
Originally posted by lobotomizemecapin
Selling the american banks to china... more profit to have american banks in china? Sounds like someone believes an economic turn in china's favor is coming and america isnt going to be profitable in future years
China has amassed huge foreign exchange reserves, largely in the form of U.S. dollars, through the persistent annual surpluses that it runs up on bilateral trade with the United States.