Chinese banks have again produced sparkling results, though they were unable to dispel concerns that their good fortune might yet turn to trouble because of non-performing loans and a slowing economy.
While western banks are slashing jobs as they struggle to get past the global financial crisis, their Chinese counterparts signalled that they would continue to expand aggressively at home and slowly build their global influence.
The story for much of the past year has been the divergence between Chinese banks’ record results and the unshakeable doubts in the market that the bill for their past lending excesses has yet to come due.
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