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China's bargain banks miss rally as debt spooks investors

Beijing's deleveraging campaign is a main reason for the reluctance to embrace bank shares despite discount

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Bank shares have dropped to an almost nine-week low on Wednesday, spurring bullish calls from strategists and analysts.

Hong Kong

NOT even the cheapest shares in 13 years can lure investors to China's banks. On a price versus book value basis, Chinese financial firms are trading at the biggest discount since 2004 to both the MSCI China Index and their Asian peers. The stocks have underperformed all but two

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