US bankers and UK lawyers attacked the new light-touch regulatory regime proposed for Chinese banks in the City yesterday, accusing George Osborne of political interference in regulation.
As the chancellor confirmed details of his mission to boost the UK’s status as an offshore Chinese financial centre, including a plan for Chinese banks to operate via branches rather than full-blown subsidiaries, senior US bank executives were stunned.
“It is extraordinary to treat Chinese banks differently,” said one bank chief. “It’s very inconsistent. This is just a crazy lovefest.”
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