China presents huge rewards for Wall Street — with big risks

Author: , Post Date: April 19, 2018
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China has promised to lift restrictions on foreign lenders in its massive banking system, creating a huge opportunity for America’s biggest banks.

The enormous size and rapid growth of China’s economy make it a tantalizing market for Goldman Sachs (GS), Citigroup (C) and other Wall Street firms. They stand to make gobs of money by lending more to Chinese businesses and people and providing investment banking expertise to an underserved market.

China is the largest foreign market for Bank of America (BAC) and JPMorgan (JPM), though each bank gets less than 2% of its revenue there.

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