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Mo' Banks

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"The Federal Reserve has approved the application by the sixth-largest Chinese bank to open an office in New York, its first branch in the United States. China Merchants Bank, based in Shenzhen, a commercial center in southeast China, will engage in wholesale deposit-taking, lending, trade finance and other services, the Fed said. The bank has $146 billion in assets and is indirectly controlled by the Chinese government." [NY Times]