Opinions
Michael Bowman
Global X China Financials
CHIX-N
PAST TOP PICK
Nov 18, 2014
$13.300
Stock price when the opinion was issued
0
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TOP PICK
This is tied not just to financials in China but also because Beijing might make a play for Wall Street. The Federal Reserve has now allowed 3 Chinese banks to come into the US and set up shop. These 3 are positioned 1, 2, and 4 in this ETF. There are about 22 bank positions in this one. The biggest one is Industrial Bank of China, which has $2.7 trillion of US assets.
(A Top Pick Nov 27/13. Down 5.64%.) Feels this has established a pretty good bottom at around $12.50. Chart shows a good support. This has 3 really large Chinese banks and they have been given approval by the federal reserve in the US, the open branches of their bank in the US. You are going to see the time when Chinese banks are buying US banks.