China Citic Bank
Citic Pacific plummets after $2 billion derivatives loss
Shares in Citic Pacific, the Hong Kong arm of the Chinese state investment company Citic, fell 55% today after the company admitted a $2 billion loss on poorly-managed forex hedges.
PBOC gives OTC foreign exchange trading go-ahead
The People's Bank of China (PBOC) has opened up the country's spot FX market to over-the-counter trades, and authorised the China Foreign Exchange Trading System (CFETS) to determine the daily central parity rate for the RMB against foreign currencies.
Citic Industrial Bank ramps-up risk systems
China’s Citic Industrial Bank has adopted SunGard’s Panorama risk management solution, which marks the US trading and risk management systems firm’s first major client in the potentially lucrative Chinese market. And as the country’s largest banks…