Wednesday, May 09, 2012

Industrial and Commercial Bank of China (ICBC)



I would say that you have probably never heard of this bank in your life.  Well, that is about to change very quickly; because, today, the Federal Reserve opened its banking market to ICBC, which is China's largest bank.  This is the first time the United States cleared a takeover of a U.S. bank by a Chinese state-controlled financial entity.  (According to the Fed, ICBC has total assets of roughly $2.5 trillion.)  In other words, the Chinese have arrived on our doorsteps. I guess it was to be expected, since they manufacture just about everything that we import.  The only viable export that we had to the world was our financial service industry.  Well, we probably can "kick that goodbye."

Finally, I would highly recommend that you start learning Mandarin, because all your bank statements will soon be in that dialect.  A great resource to start this language training is over at Fluenz, which is suppose to be better than Rosetta Stone. 

I leave you with the following statement: 这个问题没有向任何人直到它的事项给大家



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