By Daniel Hunter

Declines in the Chinese stock market have seen Goldman Sachs record losses in Asia for the first time since 2008.

The US investment bank posted a loss of $103m (£65m) in Asia in 2011, compared with a $2.1bn profit in 2010.

The firm was hit by a dip in the value of its holdings in Industrial & Commercial Bank of China (ICBC), which generated a loss of $517m.

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