digg - Chinese Bank Is Buying Some Bank of America Branches

incarnation

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hegemony

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mongering

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paranoia

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alarmist

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Bank of America bought a significant portion of CCB before they went public on the Hong Kong Stock Exchange. This was a really big deal last year because CCB was the first of the Big Four state Chinese banks to be publicly traded (Bank of China went public earlier this year). BofA doesn't have a significant retail banking presence in Hong Kong and Macau anyway, and as more affluent Mainland Chinese start using HK and Macau as a tourist destination it just makes more sense for those branches to be CCB than BofA.

A lot of these posts are really alarmist "China owns the USA" nonsense. China is funding American debt, but our consumer spending provides jobs for Chinese. If our consumption pattern slacks off it's going to be bad for America but disasterous for China. They just don't have the domestic demand to make up for the export revenue they get from America.

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