SWF Radar

The Financial Times reports that, “The US [Federal Reserve] has held back approval of banking licences for China's two biggest banks because of concerns over the role of China's sovereign wealth fund [the China Investment Corporation] as their largest shareholder, US and Chinese officials say. Industrial and Commercial Bank of China, China's largest bank by assets, has been lobbying for over a year to set up branch operations in the US. China Construction Bank, the country's second-largest by assets, put in its application in February.”