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Chinese banks shrug off subprime, ICBC ramps up credit risk processes

ICBC and Bank of China results assuage some subprime fears

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Industrial and Commercial Bank of China (ICBC) reported only minimal exposure to subprime-related bonds, Yang Kaisheng, vice-chairman and president of the bank told a press conference in Beijing and Hong Kong on March 25.

"We are holding $1.23 billion in subprime-related bonds, which amounts to just 0.1% of our assets," said Yang, adding that he was not concerned about further writedowns in the

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