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1/30/2009-- Slumping global economic growth and the fragile condition of many large global financial institutions are posing a major challenge to foreign banks in China, according to Oxford Analytica.

The aspirations of foreign banks to dominate among high net-worth individuals — the rising middle-class — have been put on indefinite hold as depositors begin a flight to safety back to large Chinese state banks, presumed to be guaranteed by the Chinese government, OxAn says. Meanwhile, the quality of credit is beginning to deteriorate rapidly on foreign banks’ balance sheets.
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