From Reuters:
Earnings at Chinese banks will probably be hit this year by the snowballing U.S. subprime mortgage crisis and Beijing’s moves to cool the economy, the president of the country’s sixth-biggest bank said on Monday.
“We have to be very realistic: we are facing many challenges this year which are not only from home but also abroad,” China Merchants Bank Co President Ma Weihua told Reuters in an interview. [Full text]
