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It might not sound like much of a landmark, but there was some fanfare this year when ICBC started trading above book value for the first time in years.
Looking at why helps us understand ICBC’s position in a changing China. The country’s financial services industry faces many threats, but most things that have happened in the last year or so have been to ICBC’s benefit.
First, there are China’s attempts to rein in the vast and alarming shadow banking industry.
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