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Foreign banks expand China exposure

Despite a pandemic and a tense political climate between the US and China, the five largest US banks pumped billions of dollars into China last year. After the world’s second-largest economy further opened up its $50 trillion financial market, which includes asset managers and insurers, Goldman Sachs, Citigroup, JP Morgan, Bank of America, and Morgan Stanley invested a combined about $78 billion in China in 2020 – a 10 percent increase over 2019. That’s more than ever before.

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