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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.


China local bond issues climbed to a record in June as local administrations across the country rallied to stimulate an economy devastated by a wave of Covid-19 lockdowns in recent months.
Total China bond issuance this month may cross 1.5 trillion yuan after scheduled issuances through till Thursday are included. 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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