Chinese banking stocks stage surprise rally
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Hong Kong
CHINESE bank stocks have gone from cold to hot in a matter of days.
Take Agricultural Bank of China Ltd. After falling by an annual average of 2.7 per cent since its Hong Kong listing in 2010, the cooperative lender has climbed 14 per cent in a blistering eight-day rally. Bank of China Ltd, priced well below the value of its net assets for the past 11/2 years, is now soaring to levels last seen in August 2015.
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