Thanks for nothing

10 April 2017 By Pete Sweeney Follow @petesweeneypro

Negotiators for presidents Trump and Xi have reportedly agreed to ease the U.S. financial sector’s access to China. It’s an easy concession as the benefits will mostly accrue to Beijing: greater inflows of foreign capital, plus help upgrading bond and equity markets.

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Following a meeting between China's President Xi Jinping and U.S. President Donald Trump, Chinese negotiators will offer the United States better access for financial sector investments and beef exports, the Financial Times reported on April 10, citing unnamed officials in both governments.

American financial institutions remained tightly constrained in terms of their operational scope in China, and have generally been required to engage in joint ventures with local partners.

Almost all leading foreign investment banks, including Goldman Sachs, UBS, Morgan Stanley, Deutsche Bank and Credit Suisse, have securities ventures with local firms.

China tops the list of countries that have trade surpluses with the United States, with a $347 billion surplus in 2016.

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