U.S. Subprime to Hurt China Banks in 2008 – Reuters

From Reuters:

Earnings at Chinese banks will probably be hit this year by the snowballing U.S. 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]

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