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Thread: CMB to open its branch in New York!
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[quote=JIMMYB,254776]According to the news, the US Federal Reserve has approved China Merchant Bank's application to open its branch in New York. CMB is the first Chinese bank to open its branch in US. In past 16 years, no Chinese banks had been approved to open their branch in US since they enacted the Foreign Bank Supervision Enhancement Act in 1991. China Banking Regulatory Committee held a news conferance for this. Some people comment that China has stepped its big pace in the financial area. On contrary, US has always urged China to open its financial market to foreign banking institutions. The data suggests that the number of US banks' branches in China ranked the second place till the end of last year. Why do they refuse Chinese banks' applications to open their branches in US or other countries? They say that Chinese governments' supervision, anti-laundering system and those banks' management are not transparent and mature. Is that so? What is thre real reason?[/quote]
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