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Chinese banking giant ICBC takes on Goldman Sachs in US repo market

The loans allow investors to borrow money by lending securities such as Treasuries

Using an accounting practice called "master netting", ICBC has kept its US assets below the threshold where extra costs kick in, even as its repo business expanded well beyond that.

New York

HIGH up in a New York City skyscraper, China's biggest bank is playing in the shadows of American finance.

The prize for Industrial & Commercial Bank of China Ltd (ICBC) isn't stocks, bonds or currencies. It's the grease in the wheels of all those markets: repurchase...

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