A new report came out on the recent rankings from S&P Global Market Intelligence that shows that China not only has the world’s largest individual bank, but with four of the top 10 financial institutions on the list they are also the world’s largest banking center.
The U.S. came in with only two banks in the top 10.
What is also interesting is that China is considered the world’s largest production economy, easily bigger than both the Eurozone and the U.S., who both rely upon consumption to hold their spots on top in global GDP.
Four of the world’s 10 largest banks are from China, while the United States has only two, according to the CNBC citing recent rankings from S&P Global Market Intelligence.
Industrial & Commercial Bank of China, with its assets valued at $3.42 trillion as of Dec 31, again crowns the list this year.
The behemoth is followed by China Construction Bank with $2.83 trillion assets, Agricultural Bank of China with $2.74 trillion, and Bank of China with $2.59 trillion.
Meanwhile, the biggest American institution, JP Morgan Chase, has fallen down a notch to seventh. Bank of America, ranked at nine, is the only other US institution in the global top 10.
Of the top 20 banks, just four are in the US, which has only six of the top 50. By contrast, China occupies the top four slots and 11 of the top 50, CNBC said. – En.people.cn
It is no coincidence that China has considered itself to be the world’s biggest economy in recent years, as evidenced by their creation of duplicate infrastructures of those that reside in the West. For example, the Asian Infrastructure and Investment Bank (AIIB) was built to replace the IMF, while their new CIPS system functions exactly like SWIFT, but without using the dollar as a primary reserve.
The U.S. still tries to maintain the illusion that they dominate and control global finance, but each day use of the dollar diminishes and use of the Yuan for both energy and other bi-lateral trade increases. And justifiably, it will not be too long before the world publicly recognizes China’s financial system as the primary center, which will help expand their banking system to even greater levels than it currently is.
Kenneth Schortgen Jr is a writer for Secretsofthefed.com, Examiner.com,Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.