American financial sector grew and expanded into an international financial center during 1970s . At the same time, local banks, securities, exchange and insurance companies grew up. After 1990, the world has changed more rapidly than other times since the World War II ended in 1945. A brand new type of economic and social revolution was underway. The factors that are transforming the world environment and the relationship of the United States within it is technological changed, which is moving faster than at any time in history. The advances in computers and telecommunications had shortened distances, eroded national boundaries, and also enlarged the domain of the global economy. In the process of developing into an international financial center, the United States of America had built up a well-established and unique financial management structure which suited the basic needs of the financial sector. U.S.'s banking sector is a regional center in stock and foreign exchange trading, gold and bond markets.
High degree of openness and internationalized financial system.
The United States of America is the largest international banking center in the world. 25 of the top 100 largest banks have set up branches there . All foreign banks and financial institutions are treated equally in America. Moreover, the United States has no restriction placed on offshore and local business, which allows foreign financial institutions to conduct activities in and out of the territory.
A well-developed market system.
The gold market of New York has been co-listed with London, Hong Kong and Zurich as the world 4 top gold markets . According to the statistics by the end of 1990, the United States reported that foreign currency balances of more than US$50 billion, since then there has been some net use of these balances for intervention purposes. The Foreign Assets in New York showed a balance of US$113.
