“Chinese banks are aggressively seeking to expand overseas, hoping that they can support Chinese companies abroad instead of losing them to American and European financial companies.”
According to a recent PwC analysis: "China's appetite for overseas assets is insatiable, with natural resources remaining a key industry target, as the country aims to secure the resources it needs to fuel its engine of economic growth," Mr Brown said. As predicted by PwC earlier in the year, apart from continued strong interest in natural resources, there has been an increasing number of acquisitions of high technology companies, as Chinese buyers look to bring know-how back to China to foster a developing economy. There is also strong interest in machinery and equipment manufacturers, and the automotive sector.”
- Chinese financial institutions are pushing into Europe, opening bank branches(I.C.B.C is opening branches in Paris, Brussels, Amsterdam, Milan and Madrid this month), scouting for deal opportunities and even attending German banking classes(China Development Bank is one of four finalists bidding for a large stake in troubled German bank WestLB AG).
- China Opens a Door on Currency Swaps, China will allow some banks to trade currency swaps for corporate clients starting March 1, extending the use of the financial derivative beyond the interbank market—a move that facilitates corporate foreign hedging as Chinese trade continues to expand and cross-border investments accelerate.
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