Some things in China never change. At the end of the 1990s, the People’s Bank of China, then the country’s bank regulator, claimed NPLs were only 1% of bank assets when the actual figure was at least 40% and perhaps closer to 60%. Today, nobody knows what the real ratio is, but the biggest banks all trade below book, an indication the markets are skeptical of official numbers.
via China Unloading Bank Shares, Transferring Debt Risk To Foreigners.
Yes, Mr. Chang. Some things never change. Even after 15 years.
© Stan for China Hearsay, 2014. |
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