Macro News
Global: We saw last week that Chinese economic data continues to disappoint, with retail sales and fixed-asset investment growth rising at their lowest pace since 2003 and 1998, respectively, adding pressure on non-performing loans. China has the world’s biggest financial system, estimated at around USD 40 trillion, which has been under pressure in recent years. We saw over the weekend that key private shareholders from Harbin Bank, one of the biggest financial businesses in the northeast with CNY 620bn in assets, have been replaced by government investors. As a response to