HONG KONG: Chinese banks have dramatically expanded their overseas payment and trade networks since the global financial crisis, exploiting a growing vacuum created by Western lenders which are retreating from higher-risk jurisdictions, new data shows. The number of so-called “correspondent” or bank-to-bank relationships operated by Chinese banks surged more than 3,300 percent – from 65 in 2009 to 2,246 in 2016 – according to data published by US-based payment and compliance technology company Accuity on Monday. This contrasts with a 25 percent drop in the number of correspondent banking relationships globally during the same period, largely caused by US and European banks cutting ties with smaller bank clients in regions such as Asia and Africa. Correspondent banking describes bank-to-bank relationships that allow individuals and companies to move money around the world, facilitating global trade.