China’s lenders were once considered some of the country’s safest investments. The relatively stable returns on offer from investing in shares of the largest state-owned banks came with the added benefit of fat dividends. Those days may be numbered.
There are two big risks. The first is well known: China’s continuing property crisis. The second less so: Russia.
After the invasion of Ukraine, a wave of sanctions from countries including the US left Russia heavily dependent on China — one of the few country’s left that would buy Russian coal. It became crucial in providing its ostracised neighbour with financial services.
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