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China Bank Has $11bn Wiped Off Value on Probe Report – SCMP

China Merchants Bank shares plunged the most in seven years after a report that said a bank executive was helping officials with an inquiry.

New bank loans plunged in China in July.
Household loans, including mortgages, fell to 121.7 billion yuan in July from 848.2 billion in June, while corporate loans slid to 288 billion yuan from 2.2 trillion, the latest data revealed on Friday shows. File photo: Reuters.


Shares of China Merchants Bank suffered their largest fall in seven years in Shanghai on Monday after local financial news-site Hexun.com said a senior bank executive was helping authorities with an investigation, the South China Morning Post reported.

Hexun.com cited industry insiders but didn’t name the executive or provide details on the investigation, the story said. Shares of the Shenzhen-based bank closed down 7.35%, wiping $11 billion off the market capitalisation of the country’s third-largest lender, the SCMP reported.

Read the full report: South China Morning Post.




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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.


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