People walk past a branch of the Industrial and Commercial Bank of China in Beijing on April 1, 2019. Photo: Reuters

What bargains? China’s cheapest stocks are valuation trap as banks lose margin protection

  • China’s move to set lending rates in reference to borrowing costs on money market will narrow banks’ net interest margins, investors and analysts say
  • Worsening earnings outlook outweighs banks’ valuations, the cheapest among all sectors
Topic |   China economy

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People walk past a branch of the Industrial and Commercial Bank of China in Beijing on April 1, 2019. Photo: Reuters
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