Subprime 'won't hurt' CCB

China Construction Bank (CCB) said its revenue won't be affected by the US subprime crisis as it has only a small amount of US mortgage-backed securities.

CCB, one of the Big Four State-controlled banks, held $1.06 billion worth of US mortgage-backed and related bonds at the end of June, accounting for 2.75 percent of its total investment in foreign exchange bonds, it said in its interim report yesterday.

"CCB did have a loss from the investment if calculated at the current market value of the securities," said Zhang Jianguo, president of the bank. "But the loss is not significant enough to seriously affect revenue and is well within CCB's capacity to bear."