Political Discussions
Bank of America plans China subsidiary
Posted by timethief • 7/30/09 • Subscribe to this Discussion [RSS] • Report This Topic
Topics: bank-of-america, banking, china, finance, international affairs, subsidiary
- Bank of America Corp (BAC.N) plans to set up a wholly owned subsidiary in China to expand in the world's fastest-growing major economy, people briefed on the plan said.
The largest U.S. bank plans to expand its corporate and investment banking business, and offer wealth management services to tap rich Chinese financial consumers, according to the people, who requested anonymity because they were not authorized to discuss the plan.
Read full article -> www.reuters.com/article/wtUSInvestingNews/idUSWEN169820090730
User Comments
-
The Peoples Bank of America? -
The irony is that the Bank of America is effectively a subsidiary of the Peoples Republic... Which does raise a thought...
If one were a cynic one might think this was a nice way of putting a spin on the notion that, perhaps, The Bank of America's HQ is moving to China.-
- The irony didn't escape me either. The United States government debt, commonly called the "public debt" or the "national debt", is the amount of money owed by the federal government of the United States to holders of U.S. debt instruments.
China has in vested heavily in America and accumulated a large sum of US dollars. Such a big sum, of which a considerable portion is in US treasury bonds, contributes a great deal to maintaining the position of the dollar as a reserve currency. Russia, Switzerland, and several other countries have reduced the their dollar holdings. Well in May 2009, the US owed China $772 billion. I think that's roughly about 22% of America's public debt.
Video: Clinton and Geithner on US-China Relations - Bloomberg Bloomberg video
tinyurl.com/l7zolq
-
Add Your Comment
Login to leave a message.
