US and Australia vow to bolster Pacific banking as China expands influence
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The United States and Australia have pledged to bolster financial services in the Pacific Islands, where China is increasing its influence. Western banks retreating from the region have limited opportunities for key services, causing Pacific island nations to feel the impact. The US Treasury Undersecretary Brian Nelson acknowledged the issue and stated that the United States is committed to addressing bank de-risking in the Pacific. Australia, a traditional regional powerhouse, pledged to continue as an important partner to Pacific Island nations. China has been expanding its economic and political influence across the Pacific, signing trade and financing agreements with Pacific Island countries and establishing Bank of China offices in the region. The US and Australia have not announced concrete plans to counter China's influence, but discussions during the co-hosted US-Australia Pacific Banking Forum focused on improving financial integration and access to banking services. The Treasury Secretary of the US, Janet Yellen, emphasized the need for a free, open, connected, prosperous, secure, and resilient Pacific.

#Us #Australia #PacificIslands #China #Banking #Influence

https://www.wionews.com/business-economy/us-and-australia-vow-to-bolster-pacific-banking-as-china-expands-influence-739008 

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