The Fed approves the first-ever Chinese purchase of a U.S. bank, giving the green light to...

|By:, SA News Editor

The Fed approves the first-ever Chinese purchase of a U.S. bank, giving the green light to ICBC's (IDCBF.PK) purchase of 80% of Bank of East Asia. The Fed also approves applications by the Bank of China (BACHY.PK) to establish a branch in Chicago and Ag Bank of China to open a branch in NYC.