Starting today, the Chinese government will review applications from banks that could allow foreign competition to transact in Chinese currency (Citigroup is one of eight major foreign banks seeking approval).
Can the U.S. make big profits in China? Not everyone thinks so. On “Morning Call” Liz Claman took a closer look with Gerard Cassidy, Analyst at RBC Capital Market--who says there's big opportunity, but a lot of risks – and Ted Fishman, Author of China Inc. who thinks profits are not likely.
Ted Fishman said China, when it first introduces new business has a clear objective. They want to learn from those businesses so their own industry can become champions locally. American banks have great technology and China wants that technology.