Bank of China Ltd, one of the country's biggest banks, has officially opened a branch in Chicago, which it hopes to use as a base for new business activities across 17 US states.

"China-US banking cooperation has a profound impact on key sectors in the global financial market," said Yue Yi, a BOC executive vice-president.

"As a large global banking group, Bank of China will spare no effort in promoting China-US partnership and seizing opportunities in banking development between the two countries."