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There has been ongoing speculation in the market as to what prompted China Eastern Airlines, Air China and Cosco to write letters in late August to a raft of commodities dealers, including Goldman Sachs, Morgan Stanley, JP Morgan, Citi, Credit Suisse, UBS and Deutsche Bank, allegedly at the behest of China’s State-owned Assets Supervision and Administration Commission (Sasac), challenging the legality of loss-making oil-related structured options.

The letters were largely similar in nature and a

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