Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China

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Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China

Bloomberg2021-03-17

Five big U.S. banks had combined $77.8 billion in exposure Wall Street is drawn to China economy like ‘moths to a flame’ Goldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into ...

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Comment（42）

Shifeng
·2021-03-17
Bet in China!
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kenong62
·2021-03-17
Citibank is one of the first few bank to invest in china
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JonathanT
·2021-03-17
Ok
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2
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ArkaneX
·2021-03-17
Ic
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ongcjeric
·2021-03-17
Good. Please comment for me thanks
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- pal22:
  good jobs!
  2021-03-17
  Reply
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Mesh
·2021-03-17
Ok
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2
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Ericlam
·2021-03-17
I am in China market,Go EV
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2
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- Kenny77:
  Oh nice ev
  2021-03-17
  Reply
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- JonathanT:
  Like pls
  2021-03-17
  Reply
  Report
- SKHan:
  EV!
  2021-03-17
  Reply
  Report
View more 2 comments
AlexinTL
·2021-03-17
Hmm
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3
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- JonathanT:
  Like pls
  2021-03-17
  Reply
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- IamBolt:
  hnm
  2021-03-17
  Reply
  Report
- ongcjeric:
  Goodz
  2021-03-17
  Reply
  Report
Samuel.L
·2021-03-17
Already so many bank in China hahas!Please like and comment! Thanks !
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3
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Fold Replies
- Kenny77:
  Smaller pie to eat
  2021-03-17
  Reply
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- Samuel.L:
  Lets go
  2021-03-17
  Reply
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Yandaoxiang
·2021-03-17
Hmm China to overtake us as world leader soon?
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xoxoll
·2021-03-17
Help me like and comment
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2
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- xoxoll:
  Thank you
  2021-03-21
  Reply
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- xoxoll:
  Good
  2021-03-17
  Reply
  Report
- ELee2723:
  Sure, help me ou too pls. Thanks
  2021-03-17
  Reply
  Report
klostany
·2021-03-17
Money makes world goes round
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2
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Werkohderkoh
·2021-03-17
[強]
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Nuclear58
·2021-03-17
GME ?????????
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Henryee18
·2021-03-17
Eye on China market!
Reply
1
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WinZ
·2021-03-17
Pls help comment
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2
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- WinZ:
  [开心]
  2021-03-19
  Reply
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- ELee2723:
  Sure, help me out too pls
  2021-03-17
  Reply
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Fumiyo
·2021-03-17
Like n comment
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1
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- WinZ:
  Done
  2021-03-17
  Reply
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Dessss
·2021-03-17
Good
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1
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Desmond669
·2021-03-17
Good read
Reply
3
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NovelChew
·2021-03-17
Give me a like and comment TIA.
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1
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- Hong_Wu:
  Up
  2021-03-17
  Reply
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Together with Citigroup Inc.,JPMorgan Chase & Co.,Bank of America Corp and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n\nEuropeans banks are also keen to boost investments. London-headquartered HSBC Holdings Plc is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG is seeking to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG also wants to double its China footprint in three to five years, and is seeking to deepen control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China allowing them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting millions in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It started the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is planning to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has moved in staff from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":324029681,"gmtCreate":1615945048543,"gmtModify":1704788749419,"author":{"id":"3554690739454545","authorId":"3554690739454545","authorIdStr":"3554690739454545","name":"Shifeng","avatar":"https://static.tigerbbs.com/7eba636a69f64b047187455fad28835a","vip":1,"hat":"https://static.tigerbbs.com/f84d87792f02cf78e80ee34979fd31e5","crmLevel":5,"crmLevelSwitch":0,"idStr":"3554690739454545"},"htmlText":"Bet in China!&nbsp;","listText":"Bet in China!&nbsp;","text":"Bet in China!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324029681","repostId":1150337731,"repostType":4,"repost":{"id":"1150337731","pubTimestamp":1615940075,"share":"https://ttm.financial/m/news/1150337731?lang=&edition=fundamental","pubTime":"2021-03-17 08:14","market":"us","language":"en","title":"Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China","url":"https://stock-news.laohu8.com/highlight/detail?id=1150337731","media":"Bloomberg","summary":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy lik","content":"<ul>\n <li>Five big U.S. banks had combined $77.8 billion in exposure</li>\n <li>Wall Street is drawn to China economy like ‘moths to a flame’</li>\n</ul>\nGoldman Sachs Group Inc.&nbsp;led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with&nbsp;Citigroup Inc.,JPMorgan Chase &amp; Co.,Bank of America Corp&nbsp;and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n<img src=\"https://static.tigerbbs.com/91da09e32b4c5640fab73f5502c76f4e\" tg-width=\"852\" tg-height=\"531\">\nEuropeans banks are also keen to boost investments. London-headquartered&nbsp;HSBC Holdings Plc&nbsp;is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG&nbsp;is&nbsp;seeking&nbsp;to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG&nbsp;also wants to&nbsp;double&nbsp;its China footprint in three to five years, and is seeking to&nbsp;deepen&nbsp;control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China&nbsp;allowing&nbsp;them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when&nbsp;Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting&nbsp;millions&nbsp;in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It&nbsp;started&nbsp;the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is&nbsp;planning&nbsp;to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley&nbsp;has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has&nbsp;moved in staff&nbsp;from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman, Citigroup Lead U.S. Banks Plowing Billions Into China\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 08:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia>Bloomberg</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nFive big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into ...\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","MS":"摩根士丹利","00005":"汇丰控股","GS":"高盛","HSBC":"汇丰","000001.SH":"上证指数","JPM":"摩根大通","C":"花旗","BAC":"美国银行","UBS":"瑞银"},"source_url":"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150337731","content_text":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with Citigroup Inc.,JPMorgan Chase & Co.,Bank of America Corp and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n\nEuropeans banks are also keen to boost investments. London-headquartered HSBC Holdings Plc is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG is seeking to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG also wants to double its China footprint in three to five years, and is seeking to deepen control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China allowing them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting millions in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It started the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is planning to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has moved in staff from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":324068454,"gmtCreate":1615944542678,"gmtModify":1704788740198,"author":{"id":"3574928367638029","authorId":"3574928367638029","authorIdStr":"3574928367638029","name":"kenong62","avatar":"https://static.tigerbbs.com/37fd00bd8cea11b8aa1aed6d9ddd9413","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3574928367638029"},"htmlText":"Citibank is one of the first few bank to invest in china","listText":"Citibank is one of the first few bank to invest in china","text":"Citibank is one of the first few bank to invest in china","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324068454","repostId":1150337731,"repostType":2,"repost":{"id":"1150337731","pubTimestamp":1615940075,"share":"https://ttm.financial/m/news/1150337731?lang=&edition=fundamental","pubTime":"2021-03-17 08:14","market":"us","language":"en","title":"Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China","url":"https://stock-news.laohu8.com/highlight/detail?id=1150337731","media":"Bloomberg","summary":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy lik","content":"<ul>\n <li>Five big U.S. banks had combined $77.8 billion in exposure</li>\n <li>Wall Street is drawn to China economy like ‘moths to a flame’</li>\n</ul>\nGoldman Sachs Group Inc.&nbsp;led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with&nbsp;Citigroup Inc.,JPMorgan Chase &amp; Co.,Bank of America Corp&nbsp;and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n<img src=\"https://static.tigerbbs.com/91da09e32b4c5640fab73f5502c76f4e\" tg-width=\"852\" tg-height=\"531\">\nEuropeans banks are also keen to boost investments. London-headquartered&nbsp;HSBC Holdings Plc&nbsp;is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG&nbsp;is&nbsp;seeking&nbsp;to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG&nbsp;also wants to&nbsp;double&nbsp;its China footprint in three to five years, and is seeking to&nbsp;deepen&nbsp;control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China&nbsp;allowing&nbsp;them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when&nbsp;Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting&nbsp;millions&nbsp;in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It&nbsp;started&nbsp;the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is&nbsp;planning&nbsp;to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley&nbsp;has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has&nbsp;moved in staff&nbsp;from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman, Citigroup Lead U.S. Banks Plowing Billions Into China\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 08:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia>Bloomberg</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nFive big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into ...\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","MS":"摩根士丹利","00005":"汇丰控股","GS":"高盛","HSBC":"汇丰","000001.SH":"上证指数","JPM":"摩根大通","C":"花旗","BAC":"美国银行","UBS":"瑞银"},"source_url":"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150337731","content_text":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with Citigroup Inc.,JPMorgan Chase & Co.,Bank of America Corp and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n\nEuropeans banks are also keen to boost investments. London-headquartered HSBC Holdings Plc is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG is seeking to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG also wants to double its China footprint in three to five years, and is seeking to deepen control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China allowing them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting millions in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It started the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is planning to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has moved in staff from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":324035828,"gmtCreate":1615942885764,"gmtModify":1704788705343,"author":{"id":"3575431836205857","authorId":"3575431836205857","authorIdStr":"3575431836205857","name":"JonathanT","avatar":"https://static.tigerbbs.com/2632c1769669f38825c0a45bf5c0be95","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3575431836205857"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324035828","repostId":1150337731,"repostType":4,"repost":{"id":"1150337731","pubTimestamp":1615940075,"share":"https://ttm.financial/m/news/1150337731?lang=&edition=fundamental","pubTime":"2021-03-17 08:14","market":"us","language":"en","title":"Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China","url":"https://stock-news.laohu8.com/highlight/detail?id=1150337731","media":"Bloomberg","summary":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy lik","content":"<ul>\n <li>Five big U.S. banks had combined $77.8 billion in exposure</li>\n <li>Wall Street is drawn to China economy like ‘moths to a flame’</li>\n</ul>\nGoldman Sachs Group Inc.&nbsp;led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with&nbsp;Citigroup Inc.,JPMorgan Chase &amp; Co.,Bank of America Corp&nbsp;and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n<img src=\"https://static.tigerbbs.com/91da09e32b4c5640fab73f5502c76f4e\" tg-width=\"852\" tg-height=\"531\">\nEuropeans banks are also keen to boost investments. London-headquartered&nbsp;HSBC Holdings Plc&nbsp;is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG&nbsp;is&nbsp;seeking&nbsp;to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG&nbsp;also wants to&nbsp;double&nbsp;its China footprint in three to five years, and is seeking to&nbsp;deepen&nbsp;control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China&nbsp;allowing&nbsp;them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when&nbsp;Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting&nbsp;millions&nbsp;in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It&nbsp;started&nbsp;the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is&nbsp;planning&nbsp;to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley&nbsp;has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has&nbsp;moved in staff&nbsp;from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman, Citigroup Lead U.S. Banks Plowing Billions Into China\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 08:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia>Bloomberg</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nFive big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into ...\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","MS":"摩根士丹利","00005":"汇丰控股","GS":"高盛","HSBC":"汇丰","000001.SH":"上证指数","JPM":"摩根大通","C":"花旗","BAC":"美国银行","UBS":"瑞银"},"source_url":"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150337731","content_text":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with Citigroup Inc.,JPMorgan Chase & Co.,Bank of America Corp and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n\nEuropeans banks are also keen to boost investments. London-headquartered HSBC Holdings Plc is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG is seeking to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG also wants to double its China footprint in three to five years, and is seeking to deepen control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China allowing them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting millions in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It started the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is planning to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has moved in staff from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":324094858,"gmtCreate":1615942288374,"gmtModify":1704788692992,"author":{"id":"3573820729106564","authorId":"3573820729106564","authorIdStr":"3573820729106564","name":"ArkaneX","avatar":"https://static.tigerbbs.com/3e960bba343800acd12763380b87cec5","vip":1,"crmLevel":4,"crmLevelSwitch":1,"idStr":"3573820729106564"},"htmlText":"Ic","listText":"Ic","text":"Ic","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324094858","repostId":1150337731,"repostType":4,"repost":{"id":"1150337731","pubTimestamp":1615940075,"share":"https://ttm.financial/m/news/1150337731?lang=&edition=fundamental","pubTime":"2021-03-17 08:14","market":"us","language":"en","title":"Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China","url":"https://stock-news.laohu8.com/highlight/detail?id=1150337731","media":"Bloomberg","summary":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy lik","content":"<ul>\n <li>Five big U.S. banks had combined $77.8 billion in exposure</li>\n <li>Wall Street is drawn to China economy like ‘moths to a flame’</li>\n</ul>\nGoldman Sachs Group Inc.&nbsp;led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with&nbsp;Citigroup Inc.,JPMorgan Chase &amp; Co.,Bank of America Corp&nbsp;and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n<img src=\"https://static.tigerbbs.com/91da09e32b4c5640fab73f5502c76f4e\" tg-width=\"852\" tg-height=\"531\">\nEuropeans banks are also keen to boost investments. London-headquartered&nbsp;HSBC Holdings Plc&nbsp;is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG&nbsp;is&nbsp;seeking&nbsp;to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG&nbsp;also wants to&nbsp;double&nbsp;its China footprint in three to five years, and is seeking to&nbsp;deepen&nbsp;control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China&nbsp;allowing&nbsp;them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when&nbsp;Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting&nbsp;millions&nbsp;in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It&nbsp;started&nbsp;the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is&nbsp;planning&nbsp;to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley&nbsp;has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has&nbsp;moved in staff&nbsp;from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman, Citigroup Lead U.S. Banks Plowing Billions Into China\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 08:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia>Bloomberg</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nFive big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into ...\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","MS":"摩根士丹利","00005":"汇丰控股","GS":"高盛","HSBC":"汇丰","000001.SH":"上证指数","JPM":"摩根大通","C":"花旗","BAC":"美国银行","UBS":"瑞银"},"source_url":"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150337731","content_text":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with Citigroup Inc.,JPMorgan Chase & Co.,Bank of America Corp and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n\nEuropeans banks are also keen to boost investments. London-headquartered HSBC Holdings Plc is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG is seeking to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG also wants to double its China footprint in three to five years, and is seeking to deepen control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China allowing them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting millions in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It started the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is planning to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has moved in staff from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":324096409,"gmtCreate":1615942127201,"gmtModify":1704788688288,"author":{"id":"3576895774513119","authorId":"3576895774513119","authorIdStr":"3576895774513119","name":"ongcjeric","avatar":"https://static.tigerbbs.com/a4eece6de8f766cfa9770954976d8ae8","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"3576895774513119"},"htmlText":"Good. Please comment for me thanks&nbsp;","listText":"Good. Please comment for me thanks&nbsp;","text":"Good. Please comment for me thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/324096409","repostId":1150337731,"repostType":4,"repost":{"id":"1150337731","pubTimestamp":1615940075,"share":"https://ttm.financial/m/news/1150337731?lang=&edition=fundamental","pubTime":"2021-03-17 08:14","market":"us","language":"en","title":"Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China","url":"https://stock-news.laohu8.com/highlight/detail?id=1150337731","media":"Bloomberg","summary":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy lik","content":"<ul>\n <li>Five big U.S. banks had combined $77.8 billion in exposure</li>\n <li>Wall Street is drawn to China economy like ‘moths to a flame’</li>\n</ul>\nGoldman Sachs Group Inc.&nbsp;led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with&nbsp;Citigroup Inc.,JPMorgan Chase &amp; Co.,Bank of America Corp&nbsp;and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n<img src=\"https://static.tigerbbs.com/91da09e32b4c5640fab73f5502c76f4e\" tg-width=\"852\" tg-height=\"531\">\nEuropeans banks are also keen to boost investments. London-headquartered&nbsp;HSBC Holdings Plc&nbsp;is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG&nbsp;is&nbsp;seeking&nbsp;to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG&nbsp;also wants to&nbsp;double&nbsp;its China footprint in three to five years, and is seeking to&nbsp;deepen&nbsp;control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China&nbsp;allowing&nbsp;them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when&nbsp;Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting&nbsp;millions&nbsp;in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It&nbsp;started&nbsp;the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is&nbsp;planning&nbsp;to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley&nbsp;has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has&nbsp;moved in staff&nbsp;from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman, Citigroup Lead U.S. Banks Plowing Billions Into China\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 08:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia>Bloomberg</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nFive big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into ...\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","MS":"摩根士丹利","00005":"汇丰控股","GS":"高盛","HSBC":"汇丰","000001.SH":"上证指数","JPM":"摩根大通","C":"花旗","BAC":"美国银行","UBS":"瑞银"},"source_url":"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150337731","content_text":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with Citigroup Inc.,JPMorgan Chase & Co.,Bank of America Corp and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n\nEuropeans banks are also keen to boost investments. London-headquartered HSBC Holdings Plc is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG is seeking to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG also wants to double its China footprint in three to five years, and is seeking to deepen control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China allowing them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting millions in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It started the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is planning to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has moved in staff from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3814556,"gmtCreate":1615958762090,"gmtModify":1680780673672,"authorId":3573639758582771,"author":{"id":3573639758582771,"authorId":3573639758582771,"name":"pal22","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324096409,"type":1,"supId":0,"prevId":0,"content":"good jobs!","text":"good jobs!","html":"good jobs!"}],"langContent":"EN"},{"id":324098721,"gmtCreate":1615942082363,"gmtModify":1704788687303,"author":{"id":"3576108908706138","authorId":"3576108908706138","authorIdStr":"3576108908706138","name":"Mesh","avatar":"https://static.tigerbbs.com/d4ef12e03b9e11be579123cb9d4208f9","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3576108908706138"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324098721","repostId":1150337731,"repostType":4,"repost":{"id":"1150337731","pubTimestamp":1615940075,"share":"https://ttm.financial/m/news/1150337731?lang=&edition=fundamental","pubTime":"2021-03-17 08:14","market":"us","language":"en","title":"Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China","url":"https://stock-news.laohu8.com/highlight/detail?id=1150337731","media":"Bloomberg","summary":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy lik","content":"<ul>\n <li>Five big U.S. banks had combined $77.8 billion in exposure</li>\n <li>Wall Street is drawn to China economy like ‘moths to a flame’</li>\n</ul>\nGoldman Sachs Group Inc.&nbsp;led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with&nbsp;Citigroup Inc.,JPMorgan Chase &amp; Co.,Bank of America Corp&nbsp;and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n<img src=\"https://static.tigerbbs.com/91da09e32b4c5640fab73f5502c76f4e\" tg-width=\"852\" tg-height=\"531\">\nEuropeans banks are also keen to boost investments. London-headquartered&nbsp;HSBC Holdings Plc&nbsp;is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG&nbsp;is&nbsp;seeking&nbsp;to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG&nbsp;also wants to&nbsp;double&nbsp;its China footprint in three to five years, and is seeking to&nbsp;deepen&nbsp;control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China&nbsp;allowing&nbsp;them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when&nbsp;Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting&nbsp;millions&nbsp;in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It&nbsp;started&nbsp;the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is&nbsp;planning&nbsp;to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley&nbsp;has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has&nbsp;moved in staff&nbsp;from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman, Citigroup Lead U.S. Banks Plowing Billions Into China\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 08:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia>Bloomberg</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nFive big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into ...\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","MS":"摩根士丹利","00005":"汇丰控股","GS":"高盛","HSBC":"汇丰","000001.SH":"上证指数","JPM":"摩根大通","C":"花旗","BAC":"美国银行","UBS":"瑞银"},"source_url":"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150337731","content_text":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with Citigroup Inc.,JPMorgan Chase & Co.,Bank of America Corp and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n\nEuropeans banks are also keen to boost investments. London-headquartered HSBC Holdings Plc is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG is seeking to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG also wants to double its China footprint in three to five years, and is seeking to deepen control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China allowing them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting millions in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It started the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is planning to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has moved in staff from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":324091125,"gmtCreate":1615941969167,"gmtModify":1704788685009,"author":{"id":"3559787818034959","authorId":"3559787818034959","authorIdStr":"3559787818034959","name":"Ericlam","avatar":"https://static.tigerbbs.com/f2154f4bb8afd22f8e6fde60b57acb69","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":7,"crmLevelSwitch":1,"idStr":"3559787818034959"},"htmlText":"I am in China market,Go EV","listText":"I am in China market,Go EV","text":"I am in China market,Go EV","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/324091125","repostId":1150337731,"repostType":4,"repost":{"id":"1150337731","pubTimestamp":1615940075,"share":"https://ttm.financial/m/news/1150337731?lang=&edition=fundamental","pubTime":"2021-03-17 08:14","market":"us","language":"en","title":"Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China","url":"https://stock-news.laohu8.com/highlight/detail?id=1150337731","media":"Bloomberg","summary":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy lik","content":"<ul>\n <li>Five big U.S. banks had combined $77.8 billion in exposure</li>\n <li>Wall Street is drawn to China economy like ‘moths to a flame’</li>\n</ul>\nGoldman Sachs Group Inc.&nbsp;led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with&nbsp;Citigroup Inc.,JPMorgan Chase &amp; Co.,Bank of America Corp&nbsp;and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n<img src=\"https://static.tigerbbs.com/91da09e32b4c5640fab73f5502c76f4e\" tg-width=\"852\" tg-height=\"531\">\nEuropeans banks are also keen to boost investments. London-headquartered&nbsp;HSBC Holdings Plc&nbsp;is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG&nbsp;is&nbsp;seeking&nbsp;to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG&nbsp;also wants to&nbsp;double&nbsp;its China footprint in three to five years, and is seeking to&nbsp;deepen&nbsp;control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China&nbsp;allowing&nbsp;them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when&nbsp;Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting&nbsp;millions&nbsp;in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It&nbsp;started&nbsp;the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is&nbsp;planning&nbsp;to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley&nbsp;has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has&nbsp;moved in staff&nbsp;from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman, Citigroup Lead U.S. Banks Plowing Billions Into China\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 08:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia>Bloomberg</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nFive big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into ...\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","MS":"摩根士丹利","00005":"汇丰控股","GS":"高盛","HSBC":"汇丰","000001.SH":"上证指数","JPM":"摩根大通","C":"花旗","BAC":"美国银行","UBS":"瑞银"},"source_url":"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150337731","content_text":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with Citigroup Inc.,JPMorgan Chase & Co.,Bank of America Corp and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n\nEuropeans banks are also keen to boost investments. London-headquartered HSBC Holdings Plc is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG is seeking to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG also wants to double its China footprint in three to five years, and is seeking to deepen control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China allowing them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting millions in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It started the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is planning to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has moved in staff from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3812646,"gmtCreate":1615942072312,"gmtModify":1680780651985,"authorId":3553679778150469,"author":{"id":3553679778150469,"authorId":3553679778150469,"name":"Kenny77","avatar":"https://static.tigerbbs.com/77c5e512c4b7983d3f3075d8ec4c2f2d","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324091125,"type":1,"supId":0,"prevId":0,"content":"Oh nice ev","text":"Oh nice ev","html":"Oh nice ev"},{"id":3812772,"gmtCreate":1615942903431,"gmtModify":1680780651891,"authorId":3575431836205857,"author":{"id":3575431836205857,"authorId":3575431836205857,"name":"JonathanT","avatar":"https://static.tigerbbs.com/2632c1769669f38825c0a45bf5c0be95","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324091125,"type":1,"supId":0,"prevId":0,"content":"Like pls","text":"Like pls","html":"Like pls"},{"id":3812719,"gmtCreate":1615942601273,"gmtModify":1680780649306,"authorId":3573471135601329,"author":{"id":3573471135601329,"authorId":3573471135601329,"name":"SKHan","avatar":"https://static.tigerbbs.com/edb016a1e76d427cf4bc5ef3a5d38289","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324091125,"type":1,"supId":3812646,"prevId":0,"content":"EV!","text":"EV!","html":"EV!"},{"id":3812788,"gmtCreate":1615942971345,"gmtModify":1680780648427,"authorId":3559787818034959,"author":{"id":3559787818034959,"authorId":3559787818034959,"name":"Ericlam","avatar":"https://static.tigerbbs.com/f2154f4bb8afd22f8e6fde60b57acb69","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.09.15","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001},"crmLevel":7,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324091125,"type":1,"supId":3812772,"prevId":0,"content":"Nice","text":"Nice","html":"Nice"},{"id":3812625,"gmtCreate":1615942002574,"gmtModify":1680780641858,"authorId":3563403277012456,"author":{"id":3563403277012456,"authorId":3563403277012456,"name":"SilverSoul","avatar":"https://static.tigerbbs.com/692e9e2f198854f2b357459085e07d4f","vip":1,"currentWearingBadge":{"badgeId":"972123088c9646f7b6091ae0662215be-3","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Legendary 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08:14","market":"us","language":"en","title":"Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China","url":"https://stock-news.laohu8.com/highlight/detail?id=1150337731","media":"Bloomberg","summary":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy lik","content":"<ul>\n <li>Five big U.S. banks had combined $77.8 billion in exposure</li>\n <li>Wall Street is drawn to China economy like ‘moths to a flame’</li>\n</ul>\nGoldman Sachs Group Inc.&nbsp;led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with&nbsp;Citigroup Inc.,JPMorgan Chase &amp; Co.,Bank of America Corp&nbsp;and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n<img src=\"https://static.tigerbbs.com/91da09e32b4c5640fab73f5502c76f4e\" tg-width=\"852\" tg-height=\"531\">\nEuropeans banks are also keen to boost investments. London-headquartered&nbsp;HSBC Holdings Plc&nbsp;is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG&nbsp;is&nbsp;seeking&nbsp;to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG&nbsp;also wants to&nbsp;double&nbsp;its China footprint in three to five years, and is seeking to&nbsp;deepen&nbsp;control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China&nbsp;allowing&nbsp;them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when&nbsp;Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting&nbsp;millions&nbsp;in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It&nbsp;started&nbsp;the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is&nbsp;planning&nbsp;to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley&nbsp;has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has&nbsp;moved in staff&nbsp;from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman, Citigroup Lead U.S. Banks Plowing Billions Into China\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 08:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia>Bloomberg</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nFive big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into ...\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","MS":"摩根士丹利","00005":"汇丰控股","GS":"高盛","HSBC":"汇丰","000001.SH":"上证指数","JPM":"摩根大通","C":"花旗","BAC":"美国银行","UBS":"瑞银"},"source_url":"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150337731","content_text":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with Citigroup Inc.,JPMorgan Chase & Co.,Bank of America Corp and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n\nEuropeans banks are also keen to boost investments. London-headquartered HSBC Holdings Plc is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG is seeking to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG also wants to double its China footprint in three to five years, and is seeking to deepen control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China allowing them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting millions in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It started the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is planning to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has moved in staff from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3812774,"gmtCreate":1615942915326,"gmtModify":1680780651617,"authorId":3575431836205857,"author":{"id":3575431836205857,"authorId":3575431836205857,"name":"JonathanT","avatar":"https://static.tigerbbs.com/2632c1769669f38825c0a45bf5c0be95","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324099111,"type":1,"supId":0,"prevId":0,"content":"Like pls","text":"Like pls","html":"Like pls"},{"id":3812640,"gmtCreate":1615942056227,"gmtModify":1680780650410,"authorId":3577616645019427,"author":{"id":3577616645019427,"authorId":3577616645019427,"name":"IamBolt","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324099111,"type":1,"supId":0,"prevId":0,"content":"hnm","text":"hnm","html":"hnm"},{"id":3812658,"gmtCreate":1615942108829,"gmtModify":1680780650083,"authorId":3576895774513119,"author":{"id":3576895774513119,"authorId":3576895774513119,"name":"ongcjeric","avatar":"https://static.tigerbbs.com/a4eece6de8f766cfa9770954976d8ae8","vip":1,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-3","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"President Tiger","description":"The transaction amount of the securities account reaches $1,000,000","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.03.23","exceedPercentage":"93.82%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1101},"crmLevel":7,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324099111,"type":1,"supId":3812640,"prevId":0,"content":"Goodz ","text":"Goodz ","html":"Goodz "}],"langContent":"EN"},{"id":324090554,"gmtCreate":1615941811778,"gmtModify":1704788681125,"author":{"id":"3563577781679506","authorId":"3563577781679506","authorIdStr":"3563577781679506","name":"Samuel.L","avatar":"https://static.tigerbbs.com/1186b61f5b04203ae75a2949bd647713","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3563577781679506"},"htmlText":"Already so many bank in China hahas!Please like and comment! Thanks !","listText":"Already so many bank in China hahas!Please like and comment! Thanks !","text":"Already so many bank in China hahas!Please like and comment! Thanks !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/324090554","repostId":1150337731,"repostType":4,"repost":{"id":"1150337731","pubTimestamp":1615940075,"share":"https://ttm.financial/m/news/1150337731?lang=&edition=fundamental","pubTime":"2021-03-17 08:14","market":"us","language":"en","title":"Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China","url":"https://stock-news.laohu8.com/highlight/detail?id=1150337731","media":"Bloomberg","summary":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy lik","content":"<ul>\n <li>Five big U.S. banks had combined $77.8 billion in exposure</li>\n <li>Wall Street is drawn to China economy like ‘moths to a flame’</li>\n</ul>\nGoldman Sachs Group Inc.&nbsp;led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with&nbsp;Citigroup Inc.,JPMorgan Chase &amp; Co.,Bank of America Corp&nbsp;and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n<img src=\"https://static.tigerbbs.com/91da09e32b4c5640fab73f5502c76f4e\" tg-width=\"852\" tg-height=\"531\">\nEuropeans banks are also keen to boost investments. London-headquartered&nbsp;HSBC Holdings Plc&nbsp;is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG&nbsp;is&nbsp;seeking&nbsp;to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG&nbsp;also wants to&nbsp;double&nbsp;its China footprint in three to five years, and is seeking to&nbsp;deepen&nbsp;control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China&nbsp;allowing&nbsp;them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when&nbsp;Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting&nbsp;millions&nbsp;in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It&nbsp;started&nbsp;the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is&nbsp;planning&nbsp;to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley&nbsp;has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has&nbsp;moved in staff&nbsp;from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman, Citigroup Lead U.S. Banks Plowing Billions Into China\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 08:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia>Bloomberg</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nFive big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into ...\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","MS":"摩根士丹利","00005":"汇丰控股","GS":"高盛","HSBC":"汇丰","000001.SH":"上证指数","JPM":"摩根大通","C":"花旗","BAC":"美国银行","UBS":"瑞银"},"source_url":"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150337731","content_text":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with Citigroup Inc.,JPMorgan Chase & Co.,Bank of America Corp and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n\nEuropeans banks are also keen to boost investments. London-headquartered HSBC Holdings Plc is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG is seeking to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG also wants to double its China footprint in three to five years, and is seeking to deepen control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China allowing them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting millions in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It started the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is planning to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has moved in staff from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3812653,"gmtCreate":1615942098283,"gmtModify":1680780650114,"authorId":3553679778150469,"author":{"id":3553679778150469,"authorId":3553679778150469,"name":"Kenny77","avatar":"https://static.tigerbbs.com/77c5e512c4b7983d3f3075d8ec4c2f2d","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324090554,"type":1,"supId":0,"prevId":0,"content":"Smaller pie to eat","text":"Smaller pie to eat","html":"Smaller pie to eat"},{"id":3812600,"gmtCreate":1615941826453,"gmtModify":1680780644009,"authorId":3563577781679506,"author":{"id":3563577781679506,"authorId":3563577781679506,"name":"Samuel.L","avatar":"https://static.tigerbbs.com/1186b61f5b04203ae75a2949bd647713","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324090554,"type":1,"supId":0,"prevId":0,"content":"Lets go","text":"Lets go","html":"Lets go"}],"langContent":"EN"},{"id":324005687,"gmtCreate":1615941625849,"gmtModify":1704788676431,"author":{"id":"3572095880096095","authorId":"3572095880096095","authorIdStr":"3572095880096095","name":"Yandaoxiang","avatar":"https://static.tigerbbs.com/6330cd1176a93a8c564f8047fd53d835","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3572095880096095"},"htmlText":"Hmm China to overtake us as world leader soon?","listText":"Hmm China to overtake us as world leader soon?","text":"Hmm China to overtake us as world leader soon?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324005687","repostId":1150337731,"repostType":4,"repost":{"id":"1150337731","pubTimestamp":1615940075,"share":"https://ttm.financial/m/news/1150337731?lang=&edition=fundamental","pubTime":"2021-03-17 08:14","market":"us","language":"en","title":"Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China","url":"https://stock-news.laohu8.com/highlight/detail?id=1150337731","media":"Bloomberg","summary":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy lik","content":"<ul>\n <li>Five big U.S. banks had combined $77.8 billion in exposure</li>\n <li>Wall Street is drawn to China economy like ‘moths to a flame’</li>\n</ul>\nGoldman Sachs Group Inc.&nbsp;led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with&nbsp;Citigroup Inc.,JPMorgan Chase &amp; Co.,Bank of America Corp&nbsp;and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n<img src=\"https://static.tigerbbs.com/91da09e32b4c5640fab73f5502c76f4e\" tg-width=\"852\" tg-height=\"531\">\nEuropeans banks are also keen to boost investments. London-headquartered&nbsp;HSBC Holdings Plc&nbsp;is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG&nbsp;is&nbsp;seeking&nbsp;to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG&nbsp;also wants to&nbsp;double&nbsp;its China footprint in three to five years, and is seeking to&nbsp;deepen&nbsp;control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China&nbsp;allowing&nbsp;them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when&nbsp;Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting&nbsp;millions&nbsp;in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It&nbsp;started&nbsp;the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is&nbsp;planning&nbsp;to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley&nbsp;has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has&nbsp;moved in staff&nbsp;from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman, Citigroup Lead U.S. Banks Plowing Billions Into China\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 08:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia>Bloomberg</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nFive big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into ...\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","MS":"摩根士丹利","00005":"汇丰控股","GS":"高盛","HSBC":"汇丰","000001.SH":"上证指数","JPM":"摩根大通","C":"花旗","BAC":"美国银行","UBS":"瑞银"},"source_url":"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150337731","content_text":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with Citigroup Inc.,JPMorgan Chase & Co.,Bank of America Corp and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n\nEuropeans banks are also keen to boost investments. London-headquartered HSBC Holdings Plc is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG is seeking to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG also wants to double its China footprint in three to five years, and is seeking to deepen control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China allowing them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting millions in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It started the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is planning to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has moved in staff from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":324005352,"gmtCreate":1615941603476,"gmtModify":1704788676267,"author":{"id":"3572249185724220","authorId":"3572249185724220","authorIdStr":"3572249185724220","name":"xoxoll","avatar":"https://static.tigerbbs.com/8ed65c2962af2a6fbd414f4d6fe9e378","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3572249185724220"},"htmlText":"Help me like and comment","listText":"Help me like and comment","text":"Help me like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/324005352","repostId":1150337731,"repostType":4,"repost":{"id":"1150337731","pubTimestamp":1615940075,"share":"https://ttm.financial/m/news/1150337731?lang=&edition=fundamental","pubTime":"2021-03-17 08:14","market":"us","language":"en","title":"Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China","url":"https://stock-news.laohu8.com/highlight/detail?id=1150337731","media":"Bloomberg","summary":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy lik","content":"<ul>\n <li>Five big U.S. banks had combined $77.8 billion in exposure</li>\n <li>Wall Street is drawn to China economy like ‘moths to a flame’</li>\n</ul>\nGoldman Sachs Group Inc.&nbsp;led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with&nbsp;Citigroup Inc.,JPMorgan Chase &amp; Co.,Bank of America Corp&nbsp;and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n<img src=\"https://static.tigerbbs.com/91da09e32b4c5640fab73f5502c76f4e\" tg-width=\"852\" tg-height=\"531\">\nEuropeans banks are also keen to boost investments. London-headquartered&nbsp;HSBC Holdings Plc&nbsp;is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG&nbsp;is&nbsp;seeking&nbsp;to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG&nbsp;also wants to&nbsp;double&nbsp;its China footprint in three to five years, and is seeking to&nbsp;deepen&nbsp;control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China&nbsp;allowing&nbsp;them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when&nbsp;Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting&nbsp;millions&nbsp;in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It&nbsp;started&nbsp;the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is&nbsp;planning&nbsp;to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley&nbsp;has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has&nbsp;moved in staff&nbsp;from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman, Citigroup Lead U.S. Banks Plowing Billions Into China\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 08:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia>Bloomberg</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nFive big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into ...\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","MS":"摩根士丹利","00005":"汇丰控股","GS":"高盛","HSBC":"汇丰","000001.SH":"上证指数","JPM":"摩根大通","C":"花旗","BAC":"美国银行","UBS":"瑞银"},"source_url":"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150337731","content_text":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with Citigroup Inc.,JPMorgan Chase & Co.,Bank of America Corp and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n\nEuropeans banks are also keen to boost investments. London-headquartered HSBC Holdings Plc is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG is seeking to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG also wants to double its China footprint in three to five years, and is seeking to deepen control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China allowing them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting millions in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It started the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is planning to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has moved in staff from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3845917,"gmtCreate":1616306193447,"gmtModify":1680781156679,"authorId":3572249185724220,"author":{"id":3572249185724220,"authorId":3572249185724220,"name":"xoxoll","avatar":"https://static.tigerbbs.com/8ed65c2962af2a6fbd414f4d6fe9e378","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324005352,"type":1,"supId":3812585,"prevId":0,"content":"Thank you ","text":"Thank you ","html":"Thank you "},{"id":3812607,"gmtCreate":1615941876743,"gmtModify":1680780642906,"authorId":3572249185724220,"author":{"id":3572249185724220,"authorId":3572249185724220,"name":"xoxoll","avatar":"https://static.tigerbbs.com/8ed65c2962af2a6fbd414f4d6fe9e378","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324005352,"type":1,"supId":3812585,"prevId":0,"content":"Good","text":"Good","html":"Good"},{"id":3812585,"gmtCreate":1615941695924,"gmtModify":1663224356227,"authorId":3576576038240682,"author":{"id":3576576038240682,"authorId":3576576038240682,"name":"ELee2723","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324005352,"type":1,"supId":0,"prevId":0,"content":"Sure, help me ou too pls. Thanks","text":"Sure, help me ou too pls. Thanks","html":"Sure, help me ou too pls. Thanks"}],"langContent":"EN"},{"id":324002825,"gmtCreate":1615941567967,"gmtModify":1704788674960,"author":{"id":"3572052161634400","authorId":"3572052161634400","authorIdStr":"3572052161634400","name":"klostany","avatar":"https://static.tigerbbs.com/7eba482ad1e1cde10397c8710a080df0","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":4,"crmLevelSwitch":0,"idStr":"3572052161634400"},"htmlText":"Money makes world goes round","listText":"Money makes world goes round","text":"Money makes world goes round","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324002825","repostId":1150337731,"repostType":4,"repost":{"id":"1150337731","pubTimestamp":1615940075,"share":"https://ttm.financial/m/news/1150337731?lang=&edition=fundamental","pubTime":"2021-03-17 08:14","market":"us","language":"en","title":"Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China","url":"https://stock-news.laohu8.com/highlight/detail?id=1150337731","media":"Bloomberg","summary":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy lik","content":"<ul>\n <li>Five big U.S. banks had combined $77.8 billion in exposure</li>\n <li>Wall Street is drawn to China economy like ‘moths to a flame’</li>\n</ul>\nGoldman Sachs Group Inc.&nbsp;led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with&nbsp;Citigroup Inc.,JPMorgan Chase &amp; Co.,Bank of America Corp&nbsp;and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n<img src=\"https://static.tigerbbs.com/91da09e32b4c5640fab73f5502c76f4e\" tg-width=\"852\" tg-height=\"531\">\nEuropeans banks are also keen to boost investments. London-headquartered&nbsp;HSBC Holdings Plc&nbsp;is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG&nbsp;is&nbsp;seeking&nbsp;to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG&nbsp;also wants to&nbsp;double&nbsp;its China footprint in three to five years, and is seeking to&nbsp;deepen&nbsp;control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China&nbsp;allowing&nbsp;them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when&nbsp;Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting&nbsp;millions&nbsp;in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It&nbsp;started&nbsp;the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is&nbsp;planning&nbsp;to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley&nbsp;has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has&nbsp;moved in staff&nbsp;from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman, Citigroup Lead U.S. Banks Plowing Billions Into China\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 08:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia>Bloomberg</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nFive big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into ...\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","MS":"摩根士丹利","00005":"汇丰控股","GS":"高盛","HSBC":"汇丰","000001.SH":"上证指数","JPM":"摩根大通","C":"花旗","BAC":"美国银行","UBS":"瑞银"},"source_url":"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150337731","content_text":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with Citigroup Inc.,JPMorgan Chase & Co.,Bank of America Corp and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n\nEuropeans banks are also keen to boost investments. London-headquartered HSBC Holdings Plc is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG is seeking to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG also wants to double its China footprint in three to five years, and is seeking to deepen control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China allowing them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting millions in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It started the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is planning to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has moved in staff from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":324002171,"gmtCreate":1615941567693,"gmtModify":1704788675123,"author":{"id":"3571138623117037","authorId":"3571138623117037","authorIdStr":"3571138623117037","name":"Werkohderkoh","avatar":"https://static.tigerbbs.com/15f00b0aef0edf959d4cceebd1513729","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3571138623117037"},"htmlText":"[強]&nbsp;","listText":"[強]&nbsp;","text":"[強]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324002171","repostId":1150337731,"repostType":2,"repost":{"id":"1150337731","pubTimestamp":1615940075,"share":"https://ttm.financial/m/news/1150337731?lang=&edition=fundamental","pubTime":"2021-03-17 08:14","market":"us","language":"en","title":"Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China","url":"https://stock-news.laohu8.com/highlight/detail?id=1150337731","media":"Bloomberg","summary":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy lik","content":"<ul>\n <li>Five big U.S. banks had combined $77.8 billion in exposure</li>\n <li>Wall Street is drawn to China economy like ‘moths to a flame’</li>\n</ul>\nGoldman Sachs Group Inc.&nbsp;led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with&nbsp;Citigroup Inc.,JPMorgan Chase &amp; Co.,Bank of America Corp&nbsp;and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n<img src=\"https://static.tigerbbs.com/91da09e32b4c5640fab73f5502c76f4e\" tg-width=\"852\" tg-height=\"531\">\nEuropeans banks are also keen to boost investments. London-headquartered&nbsp;HSBC Holdings Plc&nbsp;is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG&nbsp;is&nbsp;seeking&nbsp;to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG&nbsp;also wants to&nbsp;double&nbsp;its China footprint in three to five years, and is seeking to&nbsp;deepen&nbsp;control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China&nbsp;allowing&nbsp;them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when&nbsp;Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting&nbsp;millions&nbsp;in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It&nbsp;started&nbsp;the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is&nbsp;planning&nbsp;to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley&nbsp;has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has&nbsp;moved in staff&nbsp;from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman, Citigroup Lead U.S. Banks Plowing Billions Into China\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 08:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia>Bloomberg</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nFive big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into ...\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","MS":"摩根士丹利","00005":"汇丰控股","GS":"高盛","HSBC":"汇丰","000001.SH":"上证指数","JPM":"摩根大通","C":"花旗","BAC":"美国银行","UBS":"瑞银"},"source_url":"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150337731","content_text":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with Citigroup Inc.,JPMorgan Chase & Co.,Bank of America Corp and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n\nEuropeans banks are also keen to boost investments. London-headquartered HSBC Holdings Plc is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG is seeking to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG also wants to double its China footprint in three to five years, and is seeking to deepen control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China allowing them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting millions in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It started the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is planning to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has moved in staff from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":324006342,"gmtCreate":1615941519186,"gmtModify":1704788674138,"author":{"id":"3576876538437291","authorId":"3576876538437291","authorIdStr":"3576876538437291","name":"Nuclear58","avatar":"https://static.tigerbbs.com/e25bef1d10978e92a3e6b215df256498","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3576876538437291"},"htmlText":"GME ?????????","listText":"GME ?????????","text":"GME ?????????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324006342","repostId":1150337731,"repostType":4,"repost":{"id":"1150337731","pubTimestamp":1615940075,"share":"https://ttm.financial/m/news/1150337731?lang=&edition=fundamental","pubTime":"2021-03-17 08:14","market":"us","language":"en","title":"Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China","url":"https://stock-news.laohu8.com/highlight/detail?id=1150337731","media":"Bloomberg","summary":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy lik","content":"<ul>\n <li>Five big U.S. banks had combined $77.8 billion in exposure</li>\n <li>Wall Street is drawn to China economy like ‘moths to a flame’</li>\n</ul>\nGoldman Sachs Group Inc.&nbsp;led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with&nbsp;Citigroup Inc.,JPMorgan Chase &amp; Co.,Bank of America Corp&nbsp;and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n<img src=\"https://static.tigerbbs.com/91da09e32b4c5640fab73f5502c76f4e\" tg-width=\"852\" tg-height=\"531\">\nEuropeans banks are also keen to boost investments. London-headquartered&nbsp;HSBC Holdings Plc&nbsp;is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG&nbsp;is&nbsp;seeking&nbsp;to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG&nbsp;also wants to&nbsp;double&nbsp;its China footprint in three to five years, and is seeking to&nbsp;deepen&nbsp;control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China&nbsp;allowing&nbsp;them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when&nbsp;Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting&nbsp;millions&nbsp;in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It&nbsp;started&nbsp;the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is&nbsp;planning&nbsp;to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley&nbsp;has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has&nbsp;moved in staff&nbsp;from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman, Citigroup Lead U.S. Banks Plowing Billions Into China\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 08:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia>Bloomberg</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nFive big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into ...\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","MS":"摩根士丹利","00005":"汇丰控股","GS":"高盛","HSBC":"汇丰","000001.SH":"上证指数","JPM":"摩根大通","C":"花旗","BAC":"美国银行","UBS":"瑞银"},"source_url":"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150337731","content_text":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with Citigroup Inc.,JPMorgan Chase & Co.,Bank of America Corp and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n\nEuropeans banks are also keen to boost investments. London-headquartered HSBC Holdings Plc is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG is seeking to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG also wants to double its China footprint in three to five years, and is seeking to deepen control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China allowing them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting millions in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It started the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is planning to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has moved in staff from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":324001776,"gmtCreate":1615941443895,"gmtModify":1704788671524,"author":{"id":"3561088065415396","authorId":"3561088065415396","authorIdStr":"3561088065415396","name":"Henryee18","avatar":"https://static.tigerbbs.com/68e1124a4989ce380d6aa143a07b2620","vip":1,"hat":"https://static.tigerbbs.com/646756f1284a5a6480ed02cc4fa7d1d2","crmLevel":8,"crmLevelSwitch":1,"idStr":"3561088065415396"},"htmlText":"Eye on China market!","listText":"Eye on China market!","text":"Eye on China market!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324001776","repostId":1150337731,"repostType":4,"repost":{"id":"1150337731","pubTimestamp":1615940075,"share":"https://ttm.financial/m/news/1150337731?lang=&edition=fundamental","pubTime":"2021-03-17 08:14","market":"us","language":"en","title":"Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China","url":"https://stock-news.laohu8.com/highlight/detail?id=1150337731","media":"Bloomberg","summary":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy lik","content":"<ul>\n <li>Five big U.S. banks had combined $77.8 billion in exposure</li>\n <li>Wall Street is drawn to China economy like ‘moths to a flame’</li>\n</ul>\nGoldman Sachs Group Inc.&nbsp;led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with&nbsp;Citigroup Inc.,JPMorgan Chase &amp; Co.,Bank of America Corp&nbsp;and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n<img src=\"https://static.tigerbbs.com/91da09e32b4c5640fab73f5502c76f4e\" tg-width=\"852\" tg-height=\"531\">\nEuropeans banks are also keen to boost investments. London-headquartered&nbsp;HSBC Holdings Plc&nbsp;is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG&nbsp;is&nbsp;seeking&nbsp;to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG&nbsp;also wants to&nbsp;double&nbsp;its China footprint in three to five years, and is seeking to&nbsp;deepen&nbsp;control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China&nbsp;allowing&nbsp;them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when&nbsp;Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting&nbsp;millions&nbsp;in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It&nbsp;started&nbsp;the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is&nbsp;planning&nbsp;to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley&nbsp;has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has&nbsp;moved in staff&nbsp;from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman, Citigroup Lead U.S. Banks Plowing Billions Into China\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 08:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia>Bloomberg</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nFive big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into ...\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","MS":"摩根士丹利","00005":"汇丰控股","GS":"高盛","HSBC":"汇丰","000001.SH":"上证指数","JPM":"摩根大通","C":"花旗","BAC":"美国银行","UBS":"瑞银"},"source_url":"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150337731","content_text":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with Citigroup Inc.,JPMorgan Chase & Co.,Bank of America Corp and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n\nEuropeans banks are also keen to boost investments. London-headquartered HSBC Holdings Plc is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG is seeking to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG also wants to double its China footprint in three to five years, and is seeking to deepen control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China allowing them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting millions in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It started the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is planning to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has moved in staff from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":324003950,"gmtCreate":1615941333670,"gmtModify":1704788668918,"author":{"id":"3571992226593998","authorId":"3571992226593998","authorIdStr":"3571992226593998","name":"WinZ","avatar":"https://static.tigerbbs.com/650cc4793b013bfce45d446b3b745476","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3571992226593998"},"htmlText":"Pls help comment","listText":"Pls help comment","text":"Pls help comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/324003950","repostId":1150337731,"repostType":2,"repost":{"id":"1150337731","pubTimestamp":1615940075,"share":"https://ttm.financial/m/news/1150337731?lang=&edition=fundamental","pubTime":"2021-03-17 08:14","market":"us","language":"en","title":"Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China","url":"https://stock-news.laohu8.com/highlight/detail?id=1150337731","media":"Bloomberg","summary":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy lik","content":"<ul>\n <li>Five big U.S. banks had combined $77.8 billion in exposure</li>\n <li>Wall Street is drawn to China economy like ‘moths to a flame’</li>\n</ul>\nGoldman Sachs Group Inc.&nbsp;led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with&nbsp;Citigroup Inc.,JPMorgan Chase &amp; Co.,Bank of America Corp&nbsp;and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n<img src=\"https://static.tigerbbs.com/91da09e32b4c5640fab73f5502c76f4e\" tg-width=\"852\" tg-height=\"531\">\nEuropeans banks are also keen to boost investments. London-headquartered&nbsp;HSBC Holdings Plc&nbsp;is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG&nbsp;is&nbsp;seeking&nbsp;to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG&nbsp;also wants to&nbsp;double&nbsp;its China footprint in three to five years, and is seeking to&nbsp;deepen&nbsp;control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China&nbsp;allowing&nbsp;them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when&nbsp;Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting&nbsp;millions&nbsp;in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It&nbsp;started&nbsp;the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is&nbsp;planning&nbsp;to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley&nbsp;has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has&nbsp;moved in staff&nbsp;from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman, Citigroup Lead U.S. Banks Plowing Billions Into China\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 08:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia>Bloomberg</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nFive big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into ...\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","MS":"摩根士丹利","00005":"汇丰控股","GS":"高盛","HSBC":"汇丰","000001.SH":"上证指数","JPM":"摩根大通","C":"花旗","BAC":"美国银行","UBS":"瑞银"},"source_url":"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150337731","content_text":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with Citigroup Inc.,JPMorgan Chase & Co.,Bank of America Corp and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n\nEuropeans banks are also keen to boost investments. London-headquartered HSBC Holdings Plc is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG is seeking to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG also wants to double its China footprint in three to five years, and is seeking to deepen control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China allowing them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting millions in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It started the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is planning to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has moved in staff from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3832139,"gmtCreate":1616117052348,"gmtModify":1680780945694,"authorId":3571992226593998,"author":{"id":3571992226593998,"authorId":3571992226593998,"name":"WinZ","avatar":"https://static.tigerbbs.com/650cc4793b013bfce45d446b3b745476","vip":1,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-2","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Executive Tiger","description":"The transaction amount of the securities account reaches $300,000","bigImgUrl":"https://static.tigerbbs.com/9d20b23f1b6335407f882bc5c2ad12c0","smallImgUrl":"https://static.tigerbbs.com/ada3b4533518ace8404a3f6dd192bd29","grayImgUrl":"https://static.tigerbbs.com/177f283ba21d1c077054dac07f88f3bd","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":"80.67%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1101},"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324003950,"type":1,"supId":0,"prevId":0,"content":"[开心]","text":"[开心]","html":"[开心]"},{"id":3812587,"gmtCreate":1615941710940,"gmtModify":1680780637031,"authorId":3576576038240682,"author":{"id":3576576038240682,"authorId":3576576038240682,"name":"ELee2723","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324003950,"type":1,"supId":0,"prevId":0,"content":"Sure, help me out too pls","text":"Sure, help me out too pls","html":"Sure, help me out too pls"}],"langContent":"EN"},{"id":324009738,"gmtCreate":1615941324324,"gmtModify":1704788668434,"author":{"id":"3570336970209686","authorId":"3570336970209686","authorIdStr":"3570336970209686","name":"Fumiyo","avatar":"https://static.tigerbbs.com/b65de2d6a23385f374374d427d29dd42","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3570336970209686"},"htmlText":"Like n comment","listText":"Like n comment","text":"Like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/324009738","repostId":1150337731,"repostType":4,"repost":{"id":"1150337731","pubTimestamp":1615940075,"share":"https://ttm.financial/m/news/1150337731?lang=&edition=fundamental","pubTime":"2021-03-17 08:14","market":"us","language":"en","title":"Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China","url":"https://stock-news.laohu8.com/highlight/detail?id=1150337731","media":"Bloomberg","summary":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy lik","content":"<ul>\n <li>Five big U.S. banks had combined $77.8 billion in exposure</li>\n <li>Wall Street is drawn to China economy like ‘moths to a flame’</li>\n</ul>\nGoldman Sachs Group Inc.&nbsp;led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with&nbsp;Citigroup Inc.,JPMorgan Chase &amp; Co.,Bank of America Corp&nbsp;and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n<img src=\"https://static.tigerbbs.com/91da09e32b4c5640fab73f5502c76f4e\" tg-width=\"852\" tg-height=\"531\">\nEuropeans banks are also keen to boost investments. London-headquartered&nbsp;HSBC Holdings Plc&nbsp;is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG&nbsp;is&nbsp;seeking&nbsp;to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG&nbsp;also wants to&nbsp;double&nbsp;its China footprint in three to five years, and is seeking to&nbsp;deepen&nbsp;control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China&nbsp;allowing&nbsp;them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when&nbsp;Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting&nbsp;millions&nbsp;in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It&nbsp;started&nbsp;the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is&nbsp;planning&nbsp;to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley&nbsp;has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has&nbsp;moved in staff&nbsp;from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman, Citigroup Lead U.S. Banks Plowing Billions Into China\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 08:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia>Bloomberg</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nFive big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into ...\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","MS":"摩根士丹利","00005":"汇丰控股","GS":"高盛","HSBC":"汇丰","000001.SH":"上证指数","JPM":"摩根大通","C":"花旗","BAC":"美国银行","UBS":"瑞银"},"source_url":"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150337731","content_text":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with Citigroup Inc.,JPMorgan Chase & Co.,Bank of America Corp and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n\nEuropeans banks are also keen to boost investments. London-headquartered HSBC Holdings Plc is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG is seeking to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG also wants to double its China footprint in three to five years, and is seeking to deepen control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China allowing them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting millions in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It started the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is planning to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has moved in staff from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3812528,"gmtCreate":1615941349717,"gmtModify":1680780637712,"authorId":3571992226593998,"author":{"id":3571992226593998,"authorId":3571992226593998,"name":"WinZ","avatar":"https://static.tigerbbs.com/650cc4793b013bfce45d446b3b745476","vip":1,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-2","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Executive Tiger","description":"The transaction amount of the securities account reaches $300,000","bigImgUrl":"https://static.tigerbbs.com/9d20b23f1b6335407f882bc5c2ad12c0","smallImgUrl":"https://static.tigerbbs.com/ada3b4533518ace8404a3f6dd192bd29","grayImgUrl":"https://static.tigerbbs.com/177f283ba21d1c077054dac07f88f3bd","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":"80.67%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1101},"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324009738,"type":1,"supId":0,"prevId":0,"content":"Done","text":"Done","html":"Done"}],"langContent":"EN"},{"id":324009164,"gmtCreate":1615941301758,"gmtModify":1704788668272,"author":{"id":"3572156582250313","authorId":"3572156582250313","authorIdStr":"3572156582250313","name":"Dessss","avatar":"https://static.tigerbbs.com/2b7352dd0cf9fc843274e1fb5725e041","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3572156582250313"},"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324009164","repostId":1150337731,"repostType":4,"repost":{"id":"1150337731","pubTimestamp":1615940075,"share":"https://ttm.financial/m/news/1150337731?lang=&edition=fundamental","pubTime":"2021-03-17 08:14","market":"us","language":"en","title":"Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China","url":"https://stock-news.laohu8.com/highlight/detail?id=1150337731","media":"Bloomberg","summary":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy lik","content":"<ul>\n <li>Five big U.S. banks had combined $77.8 billion in exposure</li>\n <li>Wall Street is drawn to China economy like ‘moths to a flame’</li>\n</ul>\nGoldman Sachs Group Inc.&nbsp;led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with&nbsp;Citigroup Inc.,JPMorgan Chase &amp; Co.,Bank of America Corp&nbsp;and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n<img src=\"https://static.tigerbbs.com/91da09e32b4c5640fab73f5502c76f4e\" tg-width=\"852\" tg-height=\"531\">\nEuropeans banks are also keen to boost investments. London-headquartered&nbsp;HSBC Holdings Plc&nbsp;is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG&nbsp;is&nbsp;seeking&nbsp;to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG&nbsp;also wants to&nbsp;double&nbsp;its China footprint in three to five years, and is seeking to&nbsp;deepen&nbsp;control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China&nbsp;allowing&nbsp;them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when&nbsp;Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting&nbsp;millions&nbsp;in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It&nbsp;started&nbsp;the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is&nbsp;planning&nbsp;to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley&nbsp;has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has&nbsp;moved in staff&nbsp;from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman, Citigroup Lead U.S. Banks Plowing Billions Into China\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 08:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia>Bloomberg</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nFive big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into ...\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","MS":"摩根士丹利","00005":"汇丰控股","GS":"高盛","HSBC":"汇丰","000001.SH":"上证指数","JPM":"摩根大通","C":"花旗","BAC":"美国银行","UBS":"瑞银"},"source_url":"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150337731","content_text":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with Citigroup Inc.,JPMorgan Chase & Co.,Bank of America Corp and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n\nEuropeans banks are also keen to boost investments. London-headquartered HSBC Holdings Plc is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG is seeking to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG also wants to double its China footprint in three to five years, and is seeking to deepen control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China allowing them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting millions in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It started the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is planning to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has moved in staff from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":324000810,"gmtCreate":1615941250530,"gmtModify":1704788666009,"author":{"id":"3562118563279867","authorId":"3562118563279867","authorIdStr":"3562118563279867","name":"Desmond669","avatar":"https://static.tigerbbs.com/e2484115c94d3471cb46f20ea7598b4a","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3562118563279867"},"htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/324000810","repostId":1150337731,"repostType":4,"repost":{"id":"1150337731","pubTimestamp":1615940075,"share":"https://ttm.financial/m/news/1150337731?lang=&edition=fundamental","pubTime":"2021-03-17 08:14","market":"us","language":"en","title":"Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China","url":"https://stock-news.laohu8.com/highlight/detail?id=1150337731","media":"Bloomberg","summary":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy lik","content":"<ul>\n <li>Five big U.S. banks had combined $77.8 billion in exposure</li>\n <li>Wall Street is drawn to China economy like ‘moths to a flame’</li>\n</ul>\nGoldman Sachs Group Inc.&nbsp;led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with&nbsp;Citigroup Inc.,JPMorgan Chase &amp; Co.,Bank of America Corp&nbsp;and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n<img src=\"https://static.tigerbbs.com/91da09e32b4c5640fab73f5502c76f4e\" tg-width=\"852\" tg-height=\"531\">\nEuropeans banks are also keen to boost investments. London-headquartered&nbsp;HSBC Holdings Plc&nbsp;is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG&nbsp;is&nbsp;seeking&nbsp;to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG&nbsp;also wants to&nbsp;double&nbsp;its China footprint in three to five years, and is seeking to&nbsp;deepen&nbsp;control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China&nbsp;allowing&nbsp;them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when&nbsp;Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting&nbsp;millions&nbsp;in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It&nbsp;started&nbsp;the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is&nbsp;planning&nbsp;to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley&nbsp;has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has&nbsp;moved in staff&nbsp;from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman, Citigroup Lead U.S. Banks Plowing Billions Into China\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 08:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia>Bloomberg</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nFive big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into ...\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","MS":"摩根士丹利","00005":"汇丰控股","GS":"高盛","HSBC":"汇丰","000001.SH":"上证指数","JPM":"摩根大通","C":"花旗","BAC":"美国银行","UBS":"瑞银"},"source_url":"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150337731","content_text":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with Citigroup Inc.,JPMorgan Chase & Co.,Bank of America Corp and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n\nEuropeans banks are also keen to boost investments. London-headquartered HSBC Holdings Plc is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG is seeking to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG also wants to double its China footprint in three to five years, and is seeking to deepen control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China allowing them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting millions in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It started the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is planning to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has moved in staff from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":325777335,"gmtCreate":1615941202827,"gmtModify":1704788664797,"author":{"id":"3573693383322975","authorId":"3573693383322975","authorIdStr":"3573693383322975","name":"NovelChew","avatar":"https://static.tigerbbs.com/3cc4d2fe2028353323fd69523caa4c1c","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3573693383322975"},"htmlText":"Give me a like and comment TIA.","listText":"Give me a like and comment TIA.","text":"Give me a like and comment TIA.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/325777335","repostId":1150337731,"repostType":4,"repost":{"id":"1150337731","pubTimestamp":1615940075,"share":"https://ttm.financial/m/news/1150337731?lang=&edition=fundamental","pubTime":"2021-03-17 08:14","market":"us","language":"en","title":"Goldman, Citigroup Lead U.S. Banks Plowing Billions Into China","url":"https://stock-news.laohu8.com/highlight/detail?id=1150337731","media":"Bloomberg","summary":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy lik","content":"<ul>\n <li>Five big U.S. banks had combined $77.8 billion in exposure</li>\n <li>Wall Street is drawn to China economy like ‘moths to a flame’</li>\n</ul>\nGoldman Sachs Group Inc.&nbsp;led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with&nbsp;Citigroup Inc.,JPMorgan Chase &amp; Co.,Bank of America Corp&nbsp;and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n<img src=\"https://static.tigerbbs.com/91da09e32b4c5640fab73f5502c76f4e\" tg-width=\"852\" tg-height=\"531\">\nEuropeans banks are also keen to boost investments. London-headquartered&nbsp;HSBC Holdings Plc&nbsp;is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG&nbsp;is&nbsp;seeking&nbsp;to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG&nbsp;also wants to&nbsp;double&nbsp;its China footprint in three to five years, and is seeking to&nbsp;deepen&nbsp;control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China&nbsp;allowing&nbsp;them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when&nbsp;Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting&nbsp;millions&nbsp;in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It&nbsp;started&nbsp;the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is&nbsp;planning&nbsp;to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley&nbsp;has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has&nbsp;moved in staff&nbsp;from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman, Citigroup Lead U.S. Banks Plowing Billions Into China\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-17 08:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia>Bloomberg</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nFive big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into ...\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","MS":"摩根士丹利","00005":"汇丰控股","GS":"高盛","HSBC":"汇丰","000001.SH":"上证指数","JPM":"摩根大通","C":"花旗","BAC":"美国银行","UBS":"瑞银"},"source_url":"https://www.bloomberg.com/news/articles/2021-03-16/goldman-citigroup-lead-u-s-banks-plowing-billions-into-china?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150337731","content_text":"Five big U.S. banks had combined $77.8 billion in exposure\nWall Street is drawn to China economy like ‘moths to a flame’\n\nGoldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.\nThe bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with Citigroup Inc.,JPMorgan Chase & Co.,Bank of America Corp and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.\nChina’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration.\nThe banks are “drawn to strong economic performance like moths to a flame,” said Brock Silvers, chief investment officer at Kaiyuan Capital.\n\nEuropeans banks are also keen to boost investments. London-headquartered HSBC Holdings Plc is increasingly pinning its future to Asia, with plans to invest at least $6 billion across the region, including China.\nCredit Suisse Group AG is seeking to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy.UBS Group AG also wants to double its China footprint in three to five years, and is seeking to deepen control over its Chinese securities unit.\nBut challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China allowing them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty -- as was the case when Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting millions in fees at risk.\nHere’s a rundown on the presence of big U.S. banks in China and their plans.\nGoldman Sachs\nThe New York-based firm opened its Beijing office in 1994, marking the start of a permanent presence on the mainland. It started the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to a memo late last year.\nFull ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said.\nThe move will end the 17-year collaboration with Beijing Gao Hua Securities. It also gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management.\nA Goldman spokesman said the firm currently has 70 new positions in mainland China that it’s looking to fill.\nJPMorgan\nThe bank’s total exposure to China rose 10.4% to $21.2 billion as of Dec. 2020, driven by trading and investing, which includes market-making inventory and securities, according to its filing.\nJPMorgan raised its stake in its Chinese securities joint venture to 71% late last year, racing with Goldman Sachs to become the first foreign bank to attain full ownership. It plans to expand its asset and wealth management business as well as its corporate and investment bank, according to a results presentation.\nA JPMorgan spokesman declined to comment.\nCitigroup\nCiti first established an office in Shanghai in 1902 and has a footprint across 12 cities across China. Its total exposure to China ---which includesmulti-national companies doing business there --rose 16.6% to $21.8 billion as of the fourth quarter 2020. This was driven by increases in investment securities and consumer banking loans.\nThe bank is planning to include an investment banking unit in China as the nation opens up and liberalizes its financial markets, a person familiar said in October last year. China represents 1.3% of Citi’s total global exposure.\n“We continue to support our clients across China, including banking 70% of the Fortune 500,” said a Citi spokesman.\nMorgan Stanley\nMorgan Stanley’s net exposure to China fell nearly 5% to $3.9 billion as of end December 2020 from the previous year, as it cut back on loans and lending commitments, according to its filing.\nMorgan Stanley has a 51% stake in its China joint venture, while Huaxin Securities holds the remaining 49% stake. In February, the bank’s partner, said that it plans to sell a 39% stake in the venture, opening up for further control.\nThe firm has moved in staff from abroad to take the majority of key roles at Morgan Stanley Huaxin Securities Co., and eventually take full control. Morgan Stanley is seeking to build out an onshore brokerage and will also expand its asset management partnership.\nA Morgan Stanley spokesman declined to comment on the filing.\nBank of America\nAlso cutting back was Bank of America, which saw its net exposure to China fall 13.9% to $13.4 billion as of Dec. 2020 as it reduced funded loans and unfunded loan commitments amid a broader attention to risk during the pandemic, according to the Feb. 24 filing.\nThe net exposure also includes securities and other investments.\nThe Charlotte, North Carolina-based lender said in the filing that in light of the global pandemic, it was “monitoring its non-US exposure closely,” particularly in countries where restrictions on activities to contain the spread of the virus have affected economic activity.\nThe bank also cut its net exposure to Hong Kong by 7.4% to $6.5 billion, but raised it in Singapore by 18.6% to $9.3 billion.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3812513,"gmtCreate":1615941270848,"gmtModify":1663224352225,"authorId":3562120605410438,"author":{"id":3562120605410438,"authorId":3562120605410438,"name":"Hong_Wu","avatar":"https://static.tigerbbs.com/15744aad5ce1dea8a3726d4b3840bd86","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":325777335,"type":1,"supId":0,"prevId":0,"content":"Up","text":"Up","html":"Up"}],"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":65,"commentSize":42,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}