The_King Posted April 27, 2020 Share Posted April 27, 2020 SHANGHAI (Reuters) - Retail investors may have lost more than 9 billion yuan ($1.27 billion) from a structured crude oil product marketed by the Bank of China, financial news outlet Caixin reported on Sunday citing official sources. More than 60,000 individual investors have lost deposits worth as much as 4.2 billion yuan, it said. A third of the total had invested more than 50,000 yuan each. A spokesman for Bank of China declined to comment on the report when contacted by Reuters. The Bank of China’s crude oil “bao” is sold to individual customers and linked to domestic and foreign crude oil futures contracts, including Brent and West Texas Intermediate (WTI). The Bank of China last week settled trades after WTI futures prices fell below $0 for the first time, ending at minus $37.63 per barrel as traders paid to get rid of their oil. The bank held between 24,000 and 25,000 long positions, with each position the equivalent of 1,000 barrels, leading to an estimated loss of 5.8 billion yuan, Caixin said. The bank said last Friday that it was “deeply disturbed” by the losses incurred by its investors and blamed volatility in the global oil market brought about by the coronavirus pandemic. 1 Link to comment Share on other sites More sharing options...
socrates469bc Posted April 27, 2020 Share Posted April 27, 2020 kumgong investors jiu shi kumgong investors. no sympathy from me. wahahahahhahaha 1 Link to comment Share on other sites More sharing options...
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