Business & Technology
He leads the bank turning Chinese redbacks into U.S. investments.
President and CEO, Bank of China USA
In September, China’s central bank selected state-owned Bank of China’s (BOC) New York branch as the first renminbi-clearing and settlement bank in the United States. That designation automatically makes BOC the tip of the spear for China’s ambitious effort to turn its renminbi into an international currency by making it easier to use the redback in U.S. transactions.
It’s not surprising the distinction went to the Bank of China, whose U.S. operations Chen Xu helms. The bank’s U.S. assets have ballooned from less than $14 billion in 2010 to $78 billion in 2015, funding China-linked monster deals that include the opaque Chinese megafirm Anbang’s purchase of 666 Fifth Avenue from a company owned by Donald Trump’s son-in-law and senior advisor, Jared Kushner. Chen has said improving capital flows will create a better climate for Chinese investment into the United States, which in turn will create more American jobs.
Chen, who also serves as head of the New York-based U.S. chapter of the China General Chamber of Commerce, has two tasks: keep money flowing through his bank into the United States, and keep it all clean. His bank has promised to toughen anti money-laundering protections after U.S. currency authorities issued a warning about lax internal controls in late 2015.
(Photo credit: Patrick McMullan/Patrick McMullan via Getty Images)
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