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Sub-prime crisis reaches China

Staff Reporter 1 minute read

The Bank of China appears increasingly likely to report a large write-down on investments in US mortgage securities, illustrating a broadening reach of the global financial downturn The Wall Street Journal reported today.

Analysts estimate the bank may have to write off a quarter of the nearly US$8 billion ($9.1 billion) worth of securities backed by sub-prime mortgages.

According to the daily, the bank’s losses raise questions about transparency of all of China’s banks, with analysts unable to read the current value of US mortgage securities held by Chinese banks.

 

Sub-prime crisis reaches China
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