China's Biggest Lender To Open Branch In N.Y.

from National Public Radio

The Federal Reserve on Tuesday said it is allowing China's biggest lender to open up shop in the U.S. — yet another sign of the intertwining of the two nation's economies. The Industrial and Commercial Bank of China, or ICBC, will open its first branch in New York. China's government owns 75 percent of the bank. U.S. investment bank Goldman Sachs owns a small stake.

Broadcast Dates

• Morning Edition, August 6, 2008