Foreign banks bend to US rules

French politicians and business leaders have demanded an end to the global dominance of the US curr enc y - and hence of the US banking sy stem - after a New York court fined Fre nch bank BNP Paribas US$9bil for doing business in Sudan, Iran and Cuba.

LONDON: Financiers may grumble that the United States is acting like an imperial power in punishing foreign banks for dealings far beyond US territory, but in the end they are more likely to bow to Washington than kick against its dollar muscle.

Last week, French politicians and business leaders demanded an end to the global dominance of the US currency - and hence of the US banking system - after a New York court fined French bank BNP Paribas US$9bil for doing business in Sudan, Iran and Cuba.