In 2008, Bank of America (NYSE:BAC) had significant exposure to China. It owned 20% of China Construction Bank Corporation in a stake that was worth tens of billions of dollars.
Seven years later, Bank of America doesn't have much direct exposure to China. Because of the financial crisis, the bank sold its China Construction Bank Corporation holdings to build up its reserves. BAC sold the last of its position in 2013 for a big profit.
According to its annual report, the bank had $265 billion of net international exposure at the end of 2014, of which 30% were Asian. Of that Asian exposure, $12.3 billion was Chinese exposure. $12.3 billion is 0.58% of Bank of America's total $2.1 trillion of assets. If default rates rise in China, BAC won't feel it.