The Britishfinancialauthoritiesalsohadtwo drills in the past year, one ofwhichexamined theimpact on a British clearingbankof the failureinLondon of aforeignbankingsubsidiary.
It has not helped that China has jealously guarded its political prerogative to deal with its own black sheep: foreign regulators were denied access to the bosses of Shanghai Land, Euro-Asia and Bank of China's Hong Kong subsidiary, even though these companies had foreign investors.