Morgan Stanley has downgraded its recommendations on shares of China's big-four state-owned commercial banks, a move prompted by fresh concerns on bad loans due to Beijing's resumption of less commercially viable credit policy.
Shanghai- and Hong Kong-listed shares of Bank of China and Agricultural Bank of China, as well as A-shares of Industrial and Commercial Bank of China and China Construction Bank were downgraded to "equal weight" from "overweight," according to its latest research . . .
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