, Columnist
China Infects Singapore Banks
All three of the island's lenders are trading below book value, which didn't happen even during the credit crisis.
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The Chinese juggernaut of slowing economic growth, wobbly currency movements, slumping stock prices, pervasive disinflation and elevated credit stress has reached Singapore, where there's now palpable gloom in investors' dim view of the city-state's banking industry.
Sample just one statistic: Even during the 2008-09 financial crisis, there wasn't a time when all three of the island's homegrown lenders traded below book value, which is what they did this week: