| China's foreign exchange reserves are going to include a New York bank in an unprecedented purchase approved Wednesday by the Federal Reserve. New York's Bank of East Asia will be owned by China's sovereign wealth fund CIC, which is responsible for managing part of the People's Republic foreign exchange reserves, as well as by the state-owned Industrial and Commercial Bank of China.
The 80% ownership is also being spread to Central Huijin Investment, controlled by CIC, all of which are approved to become bank holding companies...............................................Full Article: Source
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