It's silly to equate market access with extra-territorial control. Credit Suisse wants to court PRC money, they need to be mindful of PRC interests. Actual Chi

It's silly to equate market access with extra-territorial control. Credit Suisse wants to court PRC money, they need to be mindful of PRC interests. Actual Chinese extra-territorial controls in the form of sanctions and other legitimate instruments will come. More foreign banks start operating in the PRC now that the financial market is opening up to foreign institutions, more coupling and ability for PRC to assert legal extra-territorial mechanisms. Until then, this is just banks being prudent out of their own volition. Like Hollywood catering to the Chinese market. If it’s any consolation, US will probably legislate a zone of exception preventing US banks from cooperating with CCP interests.