Bank of America, making yet another significant move to boost its capital position, has agreed to sell half of its stake in China Construction Bank, booking a $3.3bn gain.

The move, long anticipated by analysts and investors, is the latest step by chief executive Brian Moynihan to sell what he has deemed non-core assets, allowing the bank to boost capital and lower its asset levels. Combined, those steps march the nation's biggest bank by assets and deposits closer to meeting global liquidity standards that take effect in the coming years.