- The Banker’s List: 7 Chinese in world’s top 10 banks.
- Government Chinese banks use the money for foreign policy, debt trap.
- This strategy is to boost yuan, digital banking dominance, challenge India.
World’s 10 Biggest Banks: The famous magazine related to global banking ‘The Banker’ has made a list of the 100 largest banks in the world, out of which 7 banks are from China alone. Industrial and Commercial Bank of China (ICBC), China Construction Bank, Agricultural Bank of China and Bank of China are in the top four positions. He has been holding this position since 2019.
Postal Savings Bank of China – which was created from post office savings counters in 2007 – has entered the top ten for the first time. There are 22 Chinese banks in the top 100. The list also includes JP Morgan Chase, Bank of America and Citigroup, which are not from China. There is no trace of Indian banks in the top 100 list.
What is China’s intention?
All the big banks of China are government owned, which use the money more for their foreign policy than for business. These banks have so much money that they have the power to give huge loans to their neighboring countries like Sri Lanka, Pakistan and Bangladesh.
When these countries are unable to repay their loans, China takes over their ports or land. This is called ‘String of Pearls’ or the strategy to encircle India. You can understand ‘String of Pearls’ as a geopolitical theory, which explains how China is preparing to surround India through land and sea.
China’s planning is strong
China’s largest bank is ICBC, which handles assets of $7.6 trillion. India’s entire GDP is half of it. India’s largest bank – State Bank of India (SBI) is quite small compared to China’s top banks. China wants to destroy the status of the US dollar through these banks. China wants the yuan to be used for trade across the world instead of the dollar.
Since these banks have no shortage of money, they are investing heavily in new technologies like Artificial Intelligence (AI) and Blockchain so that they can have control over the technology of the future. In such a situation, if in the coming time, Chinese banks will dominate digital banking and international payment gateways, then they will decide the rules, technology etc. of online security, which will be no less than a big challenge for India.
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