With its $3 billion investment in Chinese state bank China Construction Bank, Bank of America--the second U.S. bank behind Citigroup in terms of assets and market capitalization--was one of several foreign banks directly participating in China's banking sector reform. Banking sector reform was considered by some analysts to be an important complement to capital account liberalization and further changes to China's exchange rate regime. May be used with: (9-706-022) China: To Float or Not to Float? (B): Timeline of Changes Relevant to the Chinese Renminbi; (9-706-023) China: To Float or Not to Float? (C ): Esquel Group and the Chinese Renminbi; (9-706-035) China: To Float or Not to Float? (E): ABB Investment in China; (9-706-036) China: To Float or Not to Float? (F): Alcatel and Strong Chinese Competition; (9-706-021) China: To Float or Not to Float? (A).