The Wall Street Journal Reports;
The Chinese are touting the accomplishments of Hu Jintao’s visit to Chicago as the most significant of his US visit.
While in Chicago, Jintao signed roughly 60 agreements between US and Chinese companies. This event is referred to as the ‘Giant Signing Ceremony’, which was put together by China’s Commerce Ministry and it’s US arm during the final day of Jintao’s visit.
ICBC or, Industrial & Commercial Bank of China agreed to purchase a majority stake in Bank of East Asia LTD’s US subsidiary. The Bank of East Asia has 13 branches in New York and California. ICBC is 70% owned by the Chinese government.
If this buy out is not blocked by regulators, as those close to the matter have said is a high possiblity, Americans would be able to walk in to retail branches, open checking and savings accounts in US dollars, as well as investment accounts in both the US$ and the Chinese yuan.
This move is being seen as another step made by China to allow the yuan, whose value still is not on par with what the US needs, to become an international currency that can be used for trade and investment.
Be sure your kids are learning Mandarin, how to read and evaluate data and acquiring gold!
The Chinese love gold!