PUBLISHERS NOTES: It has officially and publically begun, China given permission to take over a US bank.
Industrial and Commercial Bank of China (ICBC) has been given the nod to take over a US bank, the first such US approval for a Chinese firm.
The US Federal Reserve approved state-owned ICBC's plans to acquire the US subsidiary of Bank of East Asia.
This comes just days after high-level economic talks between the US and China in Beijing.
The Fed also gave permission to two other Chinese banks to increase their presence in the US.
"It is a pretty significant step. There has been a lot of backlash about Chinese state-run companies acquiring overseas assets," Stephen Joske of Australia Super, an institutional investor in Beijing, told the BBC.
"The permission [given] to ICBC is a clear message that things may be returning to normal and that fears about Chinese state-run firms may be moderating."
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