Long kept at arm’s length, will foreign bank card companies finally get a fair crack at the China market which is dominated by UnionPay?
The World Trade Organization’s Bali deal is likely to boost China’s economy tremendously. Here’s how. Eighteen years since its founding and one day after the current round of trade liberalization talks’ scheduled end, on 7th December 2013, the 159 members of the World Trade Organization (WTO) finally did something few observers expected: they agreed on something. […]
Chinese banks employ various strategies as they steadily march into international markets On July 6th 2012, Industrial and Commercial Bank of China (ICBC), the world’s largest bank by market value, became a controlling shareholder in The Bank of East Asia’s US subsidiary after receiving final approval from American regulators to purchase 80% of the bank’s […]
In December 1978, China began a series of economic reforms collectively termed as the “Reform and Opening Up” policy led by Deng Xiaoping, through which the country embraced “socialism with Chinese characteristics”. Since then, China’s policy makers have walked a winding path towards prosperity, herding the nation’s behemoth state-owned enterprises (SOEs) and an increasingly vibrant private sector in […]
In 2010, Brazilian Finance Minister Guido Mantega sent ripples through the financial world by voicing something that had been on many people’s minds but remained unspoken: an “international currency war” was on the horizon. In China, those fears go back even farther to 2007, when economist and former advisor to Fannie Mae and Freddie […]