At the start of this year, Chinese investors were at the top of a list of saviours for western financial institutions hungry for cash to see them through the global credit crisis.
But, after a string of high-profile overseas acquisitions last year that seemed to herald the arrival of Chinese financial institutions on the world stage, Beijing has turned cautious and has yet to approve any big offshore investment by the sector this year.
A $10bn plan by China Development Bank to buy Germany's Dresdner Bank from insurer Allianz was abandoned last Sunday. Beijing refused to approve the deal in time and a competing bid from German rival Commerzbank was accepted instead.
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