The Chinese are moving into Americans’ lives in many sectors. The latest is that the Federal Reserve has approved plans by three state-backed Chinese banks to expand in the United States.
The Wall Street Journal reported also the first acquisition of a U.S. retail-banking network by a state-owned Chinese lender.
The approval is called a landmark step for U.S. banking regulators. The Journal said Chinese banks long have sought access to the U.S. banking system in order to provide financing to Chinese companies operating in this country. They also want to do business with foreign investors looking for access to the Chinese currency, the yuan.
The decision could open the door to other Chinese acquisitions of U.S. banks. American companies have been allowed greater access to make investments in China, but it appears the Chinese may have come out best in the negotiations at this point.
The question is, what is all of this going to lead to in the future?