The Federal Reserve Board's decision in May to allow a large Chinese bank to buy a majority stake in a U.S. depository has yet to touch off an expected wave of similar deals, but that is not due to a lack of interest on the other side of the Pacific.

Industry observers say Chinese banks are plotting their expansion into the United States, but they are doing so deliberately in hopes of avoiding mistakes that have been made by some other foreign banks with stateside ambitions.

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