Communist China has dethroned the ultra-liberal USA in the world’s top 100 largest banks by assets signed S & P Global Market Intelligence. China’s big banking industry, made up of state-controlled banks, occupies the top 4 places in the world.
It is in the order of Industrial & Commercial Bank of China Ltd, China Construction Bank Corp., Agricultural Bank of China Ltd. and Bank of China Ltd. These four dragons total $ 13,637 billion in assets, up $ 1,727 billion since last year. The Chinese supremacy is explained among other things by a revaluation of the Chinese currency, the Yuan, on the dollar.
The first American, JP Morgan, comes in 6th place, ahead of another Asian, the Japanese Mistsubishi Financial Group. Then come HSBC (7th), BNP Paribas (8th) and Bank Of America (9th).
The world’s top 10 saw another change with Crédit Agricole France, which ranks 10th in place of Wells Fargo & Co.
