CYICAICHERS: Chasing the Chinese

EYECATCHERS

Genial David Rockefeller, the quintessential capitalist, visited China, chatted amiably with Chou En-lai for two hours, and came home last week with a deal. Chase Manhattan Bank, of which Rockefeller is chairman and major stockholder, will become the first U.S. correspondent that the Bank of China has had in 24 years. Other U.S. banks will probably follow Chase by year's end. Though Chase will not soon open a branch in Peking, it will begin immediately to handle remittances and letters of credit.

More services will be offered when the U.S. and China agree on repatriating funds that were frozen in...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!