Bank fees hit their highest level in China since 2010 this year thanks in part to a string of bond sales and mergers and despite the country’s sluggish GDP growth, The Wall Street Journal reported, citing Thomson Reuters data. The value of deals handled by China’s investment banks reached a record US$679 billion so far this year, up from US$544 billion last year. A wave of fees sent bank-ward by big deals from tech giants like Alibaba (BABA.NYSE) marked a shift from years past, when state-owned firms were banks’ top clients.
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