Shadows of Doubt on Banking Profits
The onset of public scrutiny over bank profits only intensifies with each issuance of annual reports from China's commercial banks. A hard look at the figures shows why the criticisms of ill-gotten gains and monopolistic activities are fundamentally well-grounded.
China's interest rates are still entirely determined by the government and a huge chunk of banking profits flow from interest spreads. The weakening of credit controls only plays a small role in massive bank profits as this was a steady phenomenon since the start of market reforms.
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