The expansion of Chinese banks has gained momentum with the recent entry of China Minsheng Bank and China Merchants Bank into the US market, according to a global banking report released by MoodyÆs yesterday. China Minsheng is buying a stake in United Commercial Bank, a small local US bank, while China Merchants has won government approval to set up a branch in New York City.
The move illustrates the increasing trade and investment flows between China and the US and comes amid a growing interdependence and strengthening economic relationship.
Bilateral banking assets more than tripled to at least $31 billion between December 1997 and June 2007. ôMost importantly,ö says the report, ôbilateral banking growth since...
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