Despite $203 million of subprime losses, the Bank of China reported an 85% increase in its profits.
While there are several Chinese banks listed on the NYSE and they have delivered very strong earnings…I don’t trust ‘em!
There just isn’t enough transparency and too much balance sheet hanky panky to make me comfortable. I can’t tell you which Chinese banks will ‘blow up’ but I am very certain that some will. Stay away.
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