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China’s Banks Lost Billions In Defaulted Loans, Set Aside Cash For More

Five of China’s largest state-owned lenders reported their biggest profit losses in at least a decade, as the number of defaulted loans has skyrocketed since the onset of COVID-19. CNBC reported that the Bank of China, Bank of Communications, China Construction Bank, Agricultural Bank of China and Industrial and Commercial Bank of China posted at least 10 percent year-on-year declines from January through June. During the...