Two years ago China’s Minsheng Bank blazed a trail by spending about $100m on 5 per cent of San Francisco-based UCBH – the first Chinese minority investment into a US bank. Now, having doubled its stake last December, Minsheng is reported to be considering boosting its holding to at least 50 per cent.

This is a smart move, for two reasons. UCBH, the fourth-largest bank based in California, is a troubled asset relief programme beneficiary and under pressure to bolster capital. Chinese companies in various industries have crow-barred their way into overseas cash flows by assisting distressed asset-holders. There is no reason why financial services should sit this out.