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Goldman, Citi Lead U.S. Banks Plowing Billions Into China

  • Five big U.S. banks had combined $77.8 billion in exposure
  • Wall Street is drawn to China economy like ‘moths to a flame’
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WATCH: Goldman Sachs Group Inc. and Citigroup Inc. are leading Wall Street’s charge into the Chinese mainland market. (Source: Bloomberg)
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Goldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its $50 trillion financial market.

The bank’s “cross currency outstandings” rose 33% to $17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with Citigroup Inc., JPMorgan Chase & Co., Bank of America Corp and Morgan Stanley, the five big U.S. banks had $77.8 billion in exposure, up 10% from 2019.