Subprime impact on China reported
Written by Timothy Blake on October 31, 2007 under Archives, Economic Impact, International
Tags: Archives, bank, Economic Impact, International, mortgage, SEC, sub-prime, subprime
We finally got some news from China regarding the spreading subprime issue. The sub-prime crisis hit China’s flagship lender yesterday as Bank of China wrote down $322m (£156m) for its holdings of US sub-prime mortgage securities.
The state-run bank has the biggest exposure to the US sub-prime meltdown, with about $7.9bn of asset-backed bonds and collateralised debt obligations (CDOs). It had already taken a $153m charge on those assets in the first half of the year.
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[...] calilender wrote an interesting post today onHere’s a quick excerptWe finally got some news from China regarding the spreading subprime issue. The sub-prime crisis hit China’s flagship lender yesterday as Bank of China wrote down $322m (£156m) for its… — for brevity this is a summary only. … [...]