The head of DBS, Singapore’s biggest bank by assets and also the largest in southeast Asia, has declared that China’s economic slowdown has bottomed and “the worst is behind us”.
The comments are among the first made by any bank in Asia on China’s growth prospects since economic releases have begun to show signs of a rebound. Last week, an official indicator of the state of factory orders on the mainland showed that the manufacturing sector has begun to grow again.
“In the last few weeks we’ve started to see a pickup in demand and we are continuing to project and see stable margins,” said Piyush Gupta, DBS chief executive.
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