Despite the odd splutter, China’s leading banks have had much to cheer about over the past few years. Multi-billion-dollar stock market listings, improvements in their balance sheets and a strong upturn in profitability mean that these banks are no longer the basket cases they once were.
Last year, in particular, was as good as any for most Chinese banks, according to Fitch Ratings, buoyed up by acceleration in loan growth, record earnings, and diminishing bad debt portfolios. In August, China Merchants Bank became the first Chinese bank to achieve an individual rating above D from the ratings...
