Jamie Dimon spoke for many big-bank executives last month when he glossed over glitches in China.
Presenting second-quarter earnings from the New York headquarters of JPMorgan Chase, the largest US bank by assets, the chairman and chief executive said he disagreed with the idea that Beijing’s recent attempts to prevent a collapse in stock prices had signalled a retreat from open markets.
“Not everything they do is going to work, but they still seem very committed to more and more market reform,” he said, citing last year’s link between the Shanghai and Hong Kong stock exchanges and efforts to broaden overseas usage of the renminbi. “I think they have the wherewithal to meet their short-term objectives of growth, but they will have bumps in the road. We expect that, and we’re going to look right through that.”