Singapore regulator seeks PRC lending data

[Runifyouhaveto]

The Monetary Authority of Singapore has sought information from some Singapore-based lenders about their Chinese clients and loan exposure to China amid an investigation into a suspected commodity financing fraud at China’s Qingdao port.

It was conducted due to “recent adverse news and development concerning trade financing into China”, MAS said in an email to the banks, according to two of the sources.

http://www.ifrasia.com/singapore-regulator-seeks-prc-lending-data/21158301.article

 

[Runifyouhaveto]

Metals-financing - Missing metals in warehouses and vaults



Qingdao Port Warehouse
http://www.investing.com/analysis/l...ingdao-scandal-opens-china-to-the-west-221355
The metal financing scandal that hit China’s Qingdao port allegedly involved the fraudulent issuance of multiple loans on 340,000 tons of copper, aluminum and alumina has resulted in a scramble by western banks, traders and financiers to relocate their metal.
http://www.tradefinancemagazine.com...-end-in-sight-for-Qingdao-metals-scandal.html



Gold
http://www.ibtimes.co.uk/china-hit-...-transactions-are-declared-fraudulent-1454305
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.