Chinese Bank in America

Look who is getting into America’s banking system now.


7 thoughts on “Chinese Bank in America

  1. The pound’s reserve currency status entered decline once American banks started to set up around the world in the early 1920s. Is history repeating itself a 100 years later?

  2. Interesting. ICBC already bought 70% of BEA Canada a while back, and now they want 80% of BEA USA? (BEA is a Hong Kong bank. Their chairman is also a legislator. He submitted a written question this week complaining about the Volcker rule.

    Personally if I were BEA I’d be divesting from the US market entirely. They’re gonna have to compete with all the Hong Kong banks you’ve never heard of (Dah Sing, Wing Lung, Public Bank, etc.) of who are soon going to have a new advertising point: “No United States branches whatsoever!”

  3. Flaherty and Mark Carney(Governor of the Bank of Canada) are two of most vocal critics of the extraterritorial nature of the Volcker Rule. For a while there was bit of a scuffle between a left wing MIT economics professor named Simon Johnson(a big time US “progressive” type who is always on Colbert and Jon Stewart) who had been a past critic of Canada and came out and attacked Carney and Flaherty. This most recent time though he didn’t allow comments on his blog because the previous time he attacked Canada he got tatooed on his own blog by a bunch of Canada commenters.

  4. I love all of the complaints – particularly about China ‘owning US debt’. It is a particularly twisted way of looking at the fact that the US has borrowed money from the Chinese.

  5. I like p33t’s perspective. It really is all about the US govt having so much self imposed debt and turning to the Chinese to lend to them.

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