(Bloomberg) -- Shares of Chinese lenders are outperforming American and European peers amid concerns over the global banking sector, emerging as an oasis shielded from volatility abroad.

Of the 166 listed lenders tracked by the Bloomberg World Banks Index, eight of the top 10 performers over the past month are from China. Shares of the biggest state-owned banks have stood out, with China Citic Bank Corp. leading the gauge with a 11% advance in Shanghai, followed by Bank of China Ltd. with a 6.2% gain.

The country’s lenders have rallied even as panic over the fallout from Credit Suisse Group AG’s troubles and the sudden collapse of Silicon Valley Bank roiled financial markets. Credit Suisse and SVB are among the worst performers on the index.

Read more: Chinese Banking Shares Emerge as Havens Amid Global Sector Woes

Analysts point to Chinese state-owned lenders’ relatively stable asset quality and strong government support for their outperformance.

“We believe risk of an SVB-type fallout in China is low compared to the US, due to differences in banking regulatory requirements as well as monetary policy conditions,” wrote Citigroup Inc. analysts including Judy Zhang in a note dated March 17.

The liquidity boost from the People’s Bank of China’s unexpected reserve requirement ratio cut on Friday may further attract global investors looking to lower their portfolio exposure to the banking crisis amid the Federal Reserve’s rapid rate hikes.

The outperformance of Chinese banks is the latest sign of the decoupling of mainland shares from global markets. Correlation between the benchmark CSI 300 Index and the S&P 500 Index has been negative since October, when Chinese stocks staged a rebound on the country’s reopening. 

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