By: D.K Choudhary
China overtakes eurozone as world’s biggest bank system
i. According to the Financial Times shows latest analysis, China’s banking system has overtaken the b to become the world’s biggest by assets.
ii. China’s GDP surpassed the EU’s in 2011 at market exchange rates, but its banking system did not take over the top spot until 2016.
iii. The value of China’s banking system is more than 3.1 times the size of the country’s annual economic output, compared with 2.8 times for the eurozone and its banks
Top 3 Assets countries at the end of 2016:
1.Chinese bank assets hit $33 trillion against $31 trillion for the eurozone.
2.US assets at $16 trillion
3.Japan assets at $7 trillion.
