Bank of China, China Construction Bank and Industrial and Commercial Bank of China all revealed their exposure to the US subprime market recently but added that the damage would be limited.
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No outsider knows the percentages of non-performing loans at the big four banks of China, including the Industrial and Commercial Bank of China and China Construction Bank.
The impairment charge of Industrial and Commercial Bank of China, for instance, was 1.9 billion yuan lower in Q3 than a year earlier.
The stock of Industrial and Commercial Bank of China dropped by 3.2% in Hong Kong yesterday on the news that Goldman Sachs had dumped part of its stake in the Chinese lender.
China Construction Bank jumped 2.6% in Hong Kong and Industrial and Commercial Bank of China ended up 2.7%.
Short sellers were doing well, especially those touting their insights on the financial networks, dousing China banks like the behemoth Industrial and Commercial Bank of China ( HKG: 1398) with nothing but bad news of their eminent demise.
Friday, branches of the Bank of China and the China Industrial and Commercial Bank in the border city of Dandong told NPR that they had suspended all financial transactions between North Korea and China since the nuclear test.
"Past experience has taught us that a bad loan crisis usually came three years after a period of abnormal credit surge, " Wei Guoxiong, chief risk management official with the Industrial and Commercial Bank of China was quoted as saying by the Xinhua news agency.
The fund has held the Industrial and Commercial Bank of China since inception and recently added to their position.
This includes a hit that it has taken on its investment in the Industrial and Commercial Bank of China.
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On Thursday, Industrial and Commercial Bank of China announced its first half profits had jumped 29% from a year earlier, reaching 109.6 billion yuan.
Only 4 months after the Industrial and Commercial Bank of China began opening savings accounts linked to gold, more than 1 million such accounts have been opened.
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Industrial and Commercial Bank of China has bought 20% of Standard Bank, a South African lender and the continent's biggest bank by assets, and now offers renminbi accounts to expatriate traders.
Lu Zhengwei, chief economist of Industrial Bank, told China Daily on Tuesday that trends will continue toward moderate recovery.
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