Correct. Maybe it’s even the right thing to do, I am just putting this out there because it’s not a free lunch and some one is on the losing side of this, which in this case are the banks.
China is also aggressively lowering interest rates which isn’t great for the banks either. I think XI is willing to sacrifice the banks for here greater good, most are state controlled anyways. This is probably a sector to avoid in this context, since so much of their performance is driven by central bank decisions as well as the economic environment.