Thursday, January 01, 2009

China's banks boost assets to 61.1 trillion yuan

China's banking industry boosted its assets to 61.1 trillion yuan ($8.92 trillion) by the end of November, Liu Mingkang, chairman of China Banking Regulatory Commission said in Beijing Friday.

This represents a 3 percent rise from the 59.3 trillion yuan recorded on Sept 30.

Chinese banks have improved risk management and internal controls and strengthened their capital positions after beginning to trade publicly in 2005.

Banks will face their "first real test" as the worsening global financial crisis and slower domestic economic growth may trigger more loan defaults, according to Fitch Ratings.

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