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Dispatches: Obstacles ahead for Chinese banks

The net profit of 16 Chinese public lenders accounted for 46 percent of the total earned by 1,829 mainland-listed firms, reflecting a booming banking industry that benefited from sustained credit growth. But analysts cautioned yesterday that banks would face challenges in the second half as China tightened liquidity, took further steps to cool the property market and cleared up local-government financing vehicles. (Shanghai Daily)

China’s big banks are all majority owned by the state, their top executives are mostly former central bankers appointed by the Communist party and their profits are all generated using the same business model. But even for such a homogenous industry their first-half profit results looked eerily similar. (Financial Times)

Agricultural Bank of China said yesterday it received no orders from regulators to suspend property loans. The plan to halt corporate lending for one week was a prudent internal decision, it said. (The Standard)

The asset management arm of JPMorgan Chase has launched 21 mutual funds in Singapore’s retail market on Tuesday, including one that invests in African equities. (Reuters)

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