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 note.
Morgan Stanley also cut its rating on Hong Kong-traded H-shares of Chongqing Rural Commercial Bank and Bank . . .
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