The U.S. Federal Reserve will actively examine Industrial & Commercial Bank of China's (1398.HK) proposal to acquire a majority stake in the U.S. unit of Hong Kong's Bank of East Asia Ltd. (0023.HK), as well as applications from Bank of China (3988.HK) and Agricultural Bank of China (1288.HK) to open more branches in the U.S., the Xinhua News Agency reported Friday, citing a senior Chinese official.

"We hope these applications could soon receive regulatory approvals from the U.S., and we believe it will come true in the near future," Zhu Guangyao, vice minister of finance, was cited as saying on a media briefing after the conclusion of the U.S.-China Strategic and Economic Dialogue.

Chinese financial institutions have encountered uphill battles in the past to gain access to the U.S. market. ICBC is still waiting for approval from U.S. regulators to go ahead with its proposed acquisition of an 80% stake in the U.S. subsidiary of Bank of East Asia.

Xinhua News Agency's website: http://www.xinhuanet.com

-By China Bureau, Dow Jones Newswires; 8621 6120-1200; djnews.shanghai@dowjones.com