Three major Chinese banks have been granted regulatory approval to extend their businesses in the US, it has emerged.
The Federal Reserve (Fed) has issued a statement indicating that the Industrial and Commercial Bank of China, the Bank of China and the Agricultural Bank of China - all of which are state-owned - will be permitted to develop in America.
Such a move represents a significant step forward in economic relations between the world's two leading financial powers, as talks between the nations on how they can improve their trade partnership continue to prove more fruitful than in the past.
"The board has concluded that consummation of the proposal would not have a significantly adverse effect on competition or on the concentration of banking resources in any relevant banking market," the Fed indicated.
Recently, world-renowned investor Warren Buffett stated that US banks are in a much healthier position than their counterparts elsewhere in the world.
By Gary Cooper