Bank of China fumbled a crude product, leading to $1.4 billion in losses. Beijing has moved to ease foreign entry into the sector, so how the government conducts this post-mortem will be instructive, says petesweeneypro:
The China Banking and Insurance Regulatory Commission gave verbal instructions to banks over the April 25 weekend to halt new sales of products that could trigger open-ended losses for investors and requested reports on the outstanding size of related products, Reuters reported on April 27, citing unnamed sources.
State-owned Industrial & Commercial Bank of China, the country’s largest bank by assets, had halted sales of retail investment products linked to commodities prices, local finance magazine Caixin reported on April 28. Bank of China, one of the country’s so-called Big Four centrally controlled lenders, recorded heavy losses in a crude oil futures product sold to ordinary investors. It said on April 22 that it had settled trades for the product at -$37.63 per barrel.
As of 1141 GMT on April 28, West Texas Intermediate oil for June delivery was trading at $11.20 dollars, down 12.5%.
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