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ICBC, China’s largest bank by assets, is entering uncertain times. The U.S. has threatened to sanction banks that work with Chinese government officials who have pushed a national security law in Hong Kong. The move could, in the worst-case scenario, cut ICBC off from the U.S. dollar, curtailing the bank’s ability to process international payments. ICBC also suffered a more symbolic loss in June 2020, slipping to second place among the most valuable public companies listed in mainland China. First place was taken by Kweichow Moutai, a liquor maker, whose shares have soared during the COVID-19 pandemic.
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