China's banks face earnings squeeze amid rate reform, trade war gloom [Reuters]
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Source: Reuters
China's banks face earnings squeeze amid rate reform, trade war gloom - Reuters 5 Min Read BEIJING/SHANGHAI (Reuters) - China’s banks face pressure on earnings and asset quality in the coming months as interest rate reforms squeeze margins and a Sino-U.S. trade war adds to economic uncertainty. Five of the nation’s top listed banks this week reported a profit rise of nearly 5% in the first half of the year, but some warned they faced headwinds. “In the second half of this year, the domestic and global economy is becoming increasingly complex and changeable, bank asset quality will continue to face pressure,” Agricultural Bank of China Ltd (AgBank) ( 601288.SS ) ( 1288.HK ) Vice President Wang Wei said at a press conference on Friday. His comments come on the heels of a similar warning from the president of Industrial and Commercial Bank of China (ICBC) ( 1398.HK ) ( 601398.SS ), the world’s largest commercial lender. “The trade war causes uncertainty, and there is downward pre
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