We've heard a lot about the likes of Citigroup and Bank of America establishing beachheads in the China market. Turns out that China is establishing a beachhead in the U.S. According to the Financial Times, China Minsheng Banking is set to become the first mainland bank to invest in a U.S. bank; it struck a deal to buy nearly 10 percent of UCBH Holdings, based in San Francisco. Mainland banks really want to tap the high net worth U.S. market, and many think this is the first in a wave of investments, as long as regulators comply. China has been pressing bank regulators to grant retail banking licenses. The Minsheng deal is said to have won preliminary approval. Other Chinese companies have faced concerns over national security.  

For more:
- here's the Financial Times article