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SVL_Ad_7.375X4.7_1401_PRINT.pdf 1 14-01-24 4:27 PM
as the gap closes – which it inevitably will
– is significant.
For the last couple of decades, the
Chinese manufacturing industry has
been closely tied to the rest of the world,
providing it with low-cost consumer prod
-
ucts. This trade has contributed hugely to
China's massive foreign exchange reserve
in US dollars. Though its export mar-
kets have shrunk substantially since the
beginning of the international financial
crises, China still managed to accumulate
nearly US $4 trillion in foreign exchange
reserves (US $3.7 trillion in October 2013,
more than the total of the four runners-
up: Japan, Euro Zone, Saudi Arabia and
Switzerland). This certainly confirms
China's international economic standing
on a historical scale.
Banking is a very important pillar of
any advanced world economy. The health
of a country's banking system is a robust
indicator of its economic health as a whole.
The banking industry in China is closely
related to the country's foreign exchange
operations. When economic reform began
Figure 4: Largest Banks in the World by Market Capitalization
(These 4 Chinese banks have total assets of US$9.2Tn)
Rank
Apr '13
Bank name
Market cap
(US$ billion)
Rank 2012
1
Industrial and Commercial Bank of China
(Also the largest by assets, US$2.8Tn)
233.6 1
2 China Construction Bank
207.6 2
3 HSBC
202.4 4
4 Wells Fargo
200.2 3
5 JPMorgan Chase
187.6 6
6 Agricultural Bank of China
142.9 5
7 Citigroup 141.8 9
8 Bank of America 133.2 12
9 Bank of China
130.0 7
10 Commonwealth Bank
122.3 10
Source: Relbanks 2013 statistics
