Decisions by Bank of America and other institutions to sell down their stakes in Chinese banks signal more trouble for Beijing's strategy of using foreign expertise to build a world-class banking system (AWSJ, FT).
A foundation established by Li Ka-shing, one of Asia's richest men, is the latest investor to cut its exposure to China's banking sector. The Li Ka Shing Foundation is selling 2bn shares in Bank of China in a placement that could raise as much as US$524m for the charitable group (AWSJ).
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