Home / Business / News Tools: Save | Print | E-mail | Most Read | Comment
Reports on BOC's Role in US Mortgage Crisis 'Inaccurate'
Adjust font size:

Wang Zhaowen, spokesman for the Bank of China, told Xinhua on Wednesday that news reports chronicling the bank's involvement in the US mortgage crisis contained statement which were both inaccurate and "inconsistent with the truth."


The relevant information would be contained in the bank's first-half financial report to be released in mid-August, Wang said, adding that any information from other sources would be unreliable.


He said the bank would not divulge any essential information about its dealings prior to the release of the report in line with relevant laws and regulations.


The world market is currently aflutter over the domino effect of the risky US mortgage-backed securities, as a couple of companies and hedge funds offering such services to sub-prime lenders in the United States saw the value of the assets underlying the bonds they hold fell sharply in recent months.


An earlier AFP report stated that the bank had pumped several billion US dollars into mortgage-backed securities and that it would face millions of dollars in losses, citing Zhu Min, vice president of the bank.


Other Chinese banks such as the Bank of Communications, the Bank of Construction and the Industry and Commerce Bank of China are also involved in US mortgage-backed securities but less so than BOC.


(Xinhua News Agency August 9, 2007)

Tools: Save | Print | E-mail | Most Read
Pet Name
China Archives
Related >>
- Bank of China Reports Net Profit of in First 9 Months
- Chinese Banks Exposed to Greater Credit Risk
- Bank of China Acquires Singapore Aircraft Leasing Firm
- BOC Profit Rockets 65%
- Bank of China Starts Exclusive Service
- Bank of China Reports 37.6% Growth in Q1 Profits
- Audit Won't Affect Results: Bank of China
Most Viewed >>

Nov. 1-2 Tianjin World Shipping (China) Summit
Nov. 7-9 Guangzhou Recycling Metals International Forum
Nov. 27-28 Beijing China-EU Summit
Dec. 12-13 Beijing China-US Strategic Economic Dialogue

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?