September 6, 2012
Breakingviews: China's "guanxi" system may cost Wall Street dear
By John Foley
Do a favour, get a favour. That's how China works, and banking is no different. In keeping with the country's "guanxi" system of personal relations, Citi, UBS and Goldman Sachs all helped out troubled financial firms in the past and received privileges for it later. Rivals have not been so fortunate..
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