Merrill Lynch bullish on investment banking fees in China

Recent report paints rosy picture, but could be a case of wishful thinking.

A snortingly bullish report from investment bank and brokerage Merrill Lynch suggests that China's stock markets, dwarfed by the country's banking sector and foreign stock markets, could be a major component of global investment banking profits in the next five to ten years. Given the dismal performance of China's A-shares, Yuan-denominated and traded only on the mainland recently touching six-year lows, the report is sure to raise some eyebrows.

Chinese stocks listed outside China, at Rmb...

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