A Financial Times article “China banks eclipse US rivals” reports:
“Chinese banks have cemented their position as the most highly valued financial institutions, taking four of the top five slots in a ranking of banks’ share prices as a multiple of their book values.
“Over the past six years, the average price-to-book value of the biggest 50 banks has halved from two to one… Most western banks are trading at well below their book value. …”
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