China holds top four rankings in list of world's largest banks

The top four places in the list of the world's 1,000 largest banks have been taken by banks from China. The list, issued by British magazine "The Banker" on Monday, puts Industrial and Commercial Bank of China (ICBC), China Construction Bank, Bank of China, and Agricultural Bank of China in the top four places, respectively.

This is the first time that China's four largest banks have topped the global list of the world's largest. Four American banks, along with one from the United Kingdom and one from Japan, make up the remainder of the list of 10 largest banks.

China's banking industry had surpassed that of the Eurozone and the United States three years in a row when it comes to tier-1 capital, total assets, and total pre-tax profits, according to Yuan Xiaohui, a researcher from Bank of China's Institute of International Finance.