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Losses on Bank of China crude oil investment product could hit $1.3 billion: report

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Total losses from a structured crude oil product marketed to retail investors by the Bank of China could be more than 9 billion yuan ($1.27 billion), the Caixin financial news outlet reported on Sunday, citing official sources.

More than 60,000 individual investors involved in the scheme 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.

The Bank of China’s crude oil “bao” is sold to individual customers and is linked to domestic and foreign crude oil futures contracts, including West Texas Intermediate and Brent. The Bank of China last week settle 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 global coronavirus pandemic.

 

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GurayMollaoglu

AnayasaNevzat

aihsan_goker

For those criticizing why China did not open its financial market when they joined WTO, this is the reason. As a developing country, China has the right not to. China recently opened its financial market. Hope greedy bankers like Bank of China learn how to be more competitive

Good

It’s 300 million yuan. $5 billion USD. Retail investors lost a lot of money due to bank screw up. For those people who are happy about this... well... your misfortunes could make other people happy too. Who doesn’t have misfortunes in life ?

Maybe crude oil go to $10 in june.

Some China media said loss 4.4 billion USD.

Me quite happy bout dis

While we are losing trillions on COVID-19.

What is Hydroxychloroquine ? How does it work a against Covid_19 coronavirus

Never mind get the money trump owes you

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