China unseats eurozone as world’s largest banking system

New analysis by the Financial Times shows China's banking system has overtaken the eurozone to become the world’s biggest by assets. The status reflects the country’s increasing global influence and its reliance on growth driven by debt.

According to FT, China’s GDP surpassed the EU’s in 2011 at market exchange rates, but its banking system did not take over the top spot until the end of last year.. Statistics show Chinese bank assets hit $33 trillion at the end of 2016, versus $31 trillion for the eurozone. US assets stood at $16 trillion and the Japanese at $7 trillion.

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Another step down the ladder of the Decline of the West.