News that the Federal Reserve will allow ICBC, the largest state-owned bank in China, to buy U.S. bank branches caused a stir here in the West, with critics denouncing the move as more "evidence" that the United States is selling out to the Chinese.

What most American media failed to report, however, is that the Chinese had reciprocated by allowing higher U.S. ownership of financial firms in China. The Chinese also gave the green light to U.S. financial firms to engage in futures trading on the Chinese mainland. Together, the U.S./China deals actually provide far more revenue and profit opportunities to American financial firms operating in China than vice versa.

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