Shangahai – Trading in Bank of China was suspended Tuesday pending a major announcement, but the bank denied reports that it would post massive losses over assets linked to US subprime mortgages. The suspension came after Hong Kong media reported China’s third-largest bank could announce a significant writedown in 2007 on its 7.95 billion US dollars of investments in subprime-related securities.
“It is the largest subprime exposure in Asia. I don’t know of any bigger exposure,” said Tang Yayun, a Shanghai-based analyst with Northeast Securities.
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[...] unknown wrote an interesting post today onHere’s a quick excerptShangahai – Trading in Bank of China was suspended Tuesday pending a major announcement, but the bank denied reports that it would post massive losses over assets linked to US subprime mortgages. … — for brevity this is a summary … [...]