Sluggish post-COVID recovery also taints market once called the 'holy grail'
Lujiazuifinancial districtin Shanghai.Barclays described China's economy as one that was losing steam. © Reuters
JACK STONE TRUITT, Nikkei staff writer | U.S.
NEW YORK -- Several major U.S. bankshave been hit by theharsh reality oftensions between the world's two biggest economies, making expansion in China -- once thought of as a "holy grail" of opportunity --increasingly fraught with risk.
Banks have begun to consider reducing staff in the region as Washington and Beijing remainentrenched in a trade war that has spanned two U.S. administrations, leading to an uptick in regulation and sanctions from both sides.
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