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China hit by Another Commodity Scandal as $15bn of Gold Transactions are Declared Fra

makapaaa

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[h=1]China hit by Another Commodity Scandal as $15bn of Gold Transactions are Declared Fraudulent[/h]
  • finbarr-bermingham.jpg

    By Finbarr Bermingham
    June 26, 2014 13:55 BST
  • 129 40 31 <!--a href="" class="icon-etc bg-btn addthis_button">+</a-->

gold-bullion.jpg
Gold bullion

China's commodities trading sector has been dealt a fresh hammer blow after its National Audit Office's (NAO) uncovered tens of billions of renminbi (RMB) in loans were obtained on the back of false gold transactions.
The NAO said that RMB94.4bn ($15.2bn, €11.2bn, £8.9bn) worth of loans had been backed by falsified gold transactions.

The report suggested that bullion producers had been borrowing on the back of commodities stocks, subsequently holding the borrowed amount in high-yield securities. This practice became more common after the Chinese government tightened lending restrictions in an effort to limit the amount of cheap liquidity in the market.

However, it has emerged that the producers (of which there were 25) have been borrowing on the back of non-existent transactions.

The news comes as the probe into the Qingdao Port copper and aluminium fraud continues, with authorities investigating commodity traders who are alleged to have obtained multiple loans on the back of single instances of metals stock.

Helen Lau, senior analyst for metals and mining at UOB Kay Hian in Hong Kong tells IBTimes UK that the news will further spook banks, which have limited or in some cases stopped lending to Chinese commodity traders.
"Already the banks are very cautious. They already cancelled or reduced their loans to any commodity houses. They've suspended new accounts. I think there'll be a supply squeeze – especially on metals like copper. There's not much supply from the warehouses, inventories have been reduced," Lau said.

However, some western banks have moved to assuage fears that they will withdraw from China completely.

Today, Standard Chartered CEO Peter Sands said that the bank's total exposure to Qingdao Port is about $250mn but that the bank did not see material first-half impact from this exposure.

A spokesperson said that the bank will not be pulling back from providing metals financing or from China.

Standard Chartered had been one of the first banks to voice concerns over the metal financing scandal at Qingdao and was swiftly followed by HSBC, which told IBTimes UK that while it was continuing to provide commodity financing in China, "it was assessing each transaction on its own merits, taking into account the interests of our customers, the bank and its shareholders".

Last week, Chinese state-owned commodities house Citic Resources announced that more than half of its alumina stock held at Qingdao Port in the north-east of China was missing.

Citic said it "has been unable to sequester about 123,446 megatons of alumina which the group has stored at Qingdao Port". In total, the group had held 223,270 megatons in Qingdao".

The Qingdao investigation has sent a ripple of anxiety through markets. This will only be compounded by the gold bullion scandal, which appears to be on a much larger scale.

China is the world's largest consumer of gold and it's estimated that up to 1,000 tonnes of the commodity is tied up in Chinese transactions.

Just yesterday (25 June), it rivalled Singapore in the race to provide viable gold pricing benchmarks in Asia, amid accusations of a lack of transparency in the World Gold Council's benchmark, the industry standard. The latest revelations will surely leave these hopes in tatters.

The NAO also found that in a random check of 12 emergency coal mines, monthly stocks were 30% and 18% below the stipulated levels in 2011 and 2012, respectively, whereas the condition in which auditors founds some commodities stock has also been reported.

Almost 2.5 million tonnes of cotton were kept in open storage by Sinograin, the state-owned grain company. Grain in China is permitted 3% impurities, but 70% of Sinograin's stock contained more than this level.
 

Leongsam

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Re: China hit by Another Commodity Scandal as $15bn of Gold Transactions are Declared

Damned chinks cause nothing but trouble the world over. :rolleyes:
 

Devil Within

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Re: China hit by Another Commodity Scandal as $15bn of Gold Transactions are Declared

Never trust those communist crooks.
 

Devil Within

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Re: China hit by Another Commodity Scandal as $15bn of Gold Transactions are Declared

Damned chinks cause nothing but trouble the world over. :rolleyes:

Chinks are nothing when compared to crooks from USA which caused the world's financial mayhem. Not to mention Bernard Madoff's Ponzi scheme.
 

Leongsam

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Re: China hit by Another Commodity Scandal as $15bn of Gold Transactions are Declared

Chinks are nothing when compared to crooks from USA which caused the world's financial mayhem. Not to mention Bernard Madoff's Ponzi scheme.

Those problems were caused by Ah Nehs who are just as bad as the chinks.
 

krafty

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Re: China hit by Another Commodity Scandal as $15bn of Gold Transactions are Declared

i thought that you went skiiing, i was about to wreak havoc in your forum...muahaha...:biggrin:
 

Devil Within

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Re: China hit by Another Commodity Scandal as $15bn of Gold Transactions are Declared

Those problems were caused by Ah Nehs who are just as bad as the chinks.

Bernard Madoff is not ah neh. If I am not wrong, I think he is white.

Also, the sub-prime crisis was started by Bush gov colluding with Freddie Mae and Fannie Mae to push housing ownership to the poor who can't afford it which resulted in financial melt down around the world. It started by white people.
 
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frenchbriefs

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Re: China hit by Another Commodity Scandal as $15bn of Gold Transactions are Declared

The biggest scam of all that will never fall is the CPF...the only time u will ever see ur CPF paid in full is when the sun has turned into a red dwarf and the earth has turned into a desert wasteland like mars.

CPF IS THE GODZILLA VERSION OF BERNIE MADOFF!!!!
 

Leongsam

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Re: China hit by Another Commodity Scandal as $15bn of Gold Transactions are Declared

Bernard Madoff is not ah neh. If I am not wrong, I think he is white.

Also, the sub-prime crisis was started by Bush gov colluding with Freddie Mae and Fannie Mae to push housing ownership to the poor who can't afford it which resulted in financial melt down around the world. It started by white people.

Madoff had nothing to do with the sub prime fiasco you twit. In fact he was the most high profile victim.

If you look behind the high profile names, you'll find Indians in the US banking system responsible for the myriad of schemes designed to convert debt into a tradable asset.
 

KNNBGCB

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Re: China hit by Another Commodity Scandal as $15bn of Gold Transactions are Declared

i thought that you went skiiing, i was about to wreak havoc in your forum...muahaha...:biggrin:

Never trust Leongsam. He is worse than the SPH whores :biggrin:
 

Leongsam

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Re: China hit by Another Commodity Scandal as $15bn of Gold Transactions are Declared

Never trust Leongsam. He is worse than the SPH whores :biggrin:

I went mountain biking and got back early because I crashed and bent my front wheel.
 

frenchbriefs

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Re: China hit by Another Commodity Scandal as $15bn of Gold Transactions are Declared

Madoff had nothing to do with the sub prime fiasco you twit. In fact he was the most high profile victim.

If you look behind the high profile names, you'll find Indians in the US banking system responsible for the myriad of schemes designed to convert debt into a tradable asset.

Bullshyt shitskins may be good at bullshyting u telling me they are smart enough to come up with a derivative as complex as layered mortgage derivatives?they couldn't figured out how to make a flushable toilet in space if shit hit them in the face.
 

Leongsam

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Re: China hit by Another Commodity Scandal as $15bn of Gold Transactions are Declared

Bullshyt shitskins may be good at bullshyting

That's exactly the problem. They're so good at bullshitting that they're being given positions of responsibility way above their capabilities.
 

Devil Within

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Re: China hit by Another Commodity Scandal as $15bn of Gold Transactions are Declared

Madoff had nothing to do with the sub prime fiasco you twit. In fact he was the most high profile victim.

If you look behind the high profile names, you'll find Indians in the US banking system responsible for the myriad of schemes designed to convert debt into a tradable asset.

I did not say Madoff had anything to do with the sub-prime fiasco you fucking retard! I'm saying Chinks are not as bad as that lying conman Madoff cheating Banks around the world and cheating old folks of their retirement fund running a Ponzi scheme.

You fucking retard need to learn to read!

Also, had Bush and the whites in Freddie Mea and Fanny Mea didn't loan money to the poor who can't afford it, you wouldn't have anything for anyone, not even the Indians, to come up with any sub-prime nonsense. The roots of trouble is from whites. The Indians just passed it around.
 
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Leongsam

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Re: China hit by Another Commodity Scandal as $15bn of Gold Transactions are Declared

I did not say Madoff had anything to do with the sub-prime fiasco you fucking retard! I'm saying Chinks are not as bad as that lying conman Madoff cheating Banks around the world and cheating old folks of their retirement fund running a Ponzi scheme.

You fucking retard need to learn to read!

Using profanities does nothing to make you appear any smarter. It just shows you up for the fool that you are.:rolleyes:
 

Devil Within

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Re: China hit by Another Commodity Scandal as $15bn of Gold Transactions are Declared

Using profanities does nothing to make you appear any smarter. It just shows you up for the fool that you are.:rolleyes:

My profanities are for retards who can't read and think. Since retards like you can't seem to read and understand what I've written, maybe you can understand my profanities.
 

syed putra

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Re: China hit by Another Commodity Scandal as $15bn of Gold Transactions are Declared

And i thought the high price of commodities were due to wall street.
 

Brightkid

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Re: China hit by Another Commodity Scandal as $15bn of Gold Transactions are Declared

I believe this China commodity trading did not issue statements of accounts.

CPF issues statements every year so must be 100% safe as claimed by some millionaires.
 

halsey02

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Re: China hit by Another Commodity Scandal as $15bn of Gold Transactions are Declared

Damned chinks cause nothing but trouble the world over. :rolleyes:

If the "ang moh' had not lusted for those Tea chests in the past, fast forward few hundred years...we will have lesser of those chinks to cause economic mayhem now!:rolleyes:
 
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