Conflict in China

Editor's letter


China’s big four banks, Agricultural Bank of China, Bank of China, China Construction Bank and Industrial and Commercial Bank of China, have reached an impasse with the subsidiaries of foreign banks in relation to guarantees they are seeking from their parent companies to support derivatives trades done in China or with Chinese entities.  After the collapse of Lehman Brothers, China’s financial institutions became less certain that major derivatives counterparties were ‘too big to fail’,  let

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