Chinese Communist Party back state media Securities Times targeted Goldman Sachs over the Bank’s report on financial sector firms in the country.
The Securities Times said the market should not take a bearish view on the report, that the Goldman Sachs piece was based on pessimistic assumptions, negative premises, and misinterpretations of the facts. On the contrary said the Securities Times, Chinese banks have been actively lowering their exposure to property loan risks, while local governments have stepped up efforts to ease debt risks.
GS have sell ratings for three Hong Kong-listed Chinese banks
- Industrial and Commercial Bank of China
- Agricultural Bank of China
- and Bank of Communications.
GS has neutral ratings on Bank of China and China Merchants Bank, and buying recommendations on Postal Savings Bank of China and China Construction Bank.
Info via Bloomberg, gated.
ps. Still to come today, inflation data for June from China:
This article was written by Eamonn Sheridan at www.forexlive.com.
