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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