Chinese banking system not looking good after Baoshang failure
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Bank of Jinzhou, a city commercial bank in Liaoning Province, the second name in the list above, and with some $105 billion in assets, notably bigger than Baoshang, announced that its auditors Ernst & Young Hua Ming LLP and Ernst & Young had resigned, not long after the bank announced it would delay the publication of its annual reports.
For those confused, the delay of an annual report and the resignation of an auditor, means a bank failure is not only virtually certain but practically imminent.
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As for buying Deutsche Bank - what's the saying? Don't try to catch a falling knife?
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Finger rolling rhythm, ride the horse one hand...
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