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Chinese Bank Moves To Number 1 Slot In World

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Monday July 23, 12:44 PM
China ICBC tops Citigroup as world's biggest bank
SHANGHAI (Reuters) - In a fresh sign of China's financial strength, a leap in the shares of Industrial & Commercial Bank of China on Monday made it the world's biggest bank by market capitalisation, overtaking U.S. giant Citigroup* (NYSE: C - news) .

Their economy surpassed Germany last week as No. 3. Almost everything we buy in the shops is made in China. They own most of the world's debt which must also include the world's largest per capita debtor nation, the UK with 8 Trillion $ owed externally. It is a miracle that we can afford such expensive homes when all of the growth and real wealth shifted East years ago.


* ICBC, a state-controlled behemoth which is trying to modernise a creaky branch network operating almost entirely inside China, reported income of $24 billion last year. Citigroup, one of the world's most sophisticated financial institutions with operations around the globe, reported income almost four times as large, at $90 billion.

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...the UK with 8 Trillion $ owed externally.

Where do the CIA get this information from? As far as I know, our national debt is 1 trillion $ and the UK's population owes less than 3 trillion $ - but this is surely debt of our own making. Not good by anyone's standards, but where does the additional 7 trillion $ (if you only take into account the national debt) or 4 trillion$ (taking into account both items I've mentioned) come from?

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