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Why is this being treated as news as of now? Note the article chose to not mention a timeline or give any background at all. This bank was taken over on May 24
by fspeech 7y ago
Why is this being treated as news as of now? Note the article chose to not mention a timeline or give any background at all. This bank was taken over on May 24 this year, with a very public announcement. Its purported major investor was arrested in 2017. The bank has not published an annual report since then. For details see: https://zh.wikipedia.org/wiki/%E5%8C%85%E5%95%86%E9%93%B6%E8%A1%8C https://zh.wikipedia.org/wiki/%E5%8C%85%E5%95%86%E9%93%B6%E8...
- pertymcpert 7y agoTFA and other news aren't reporting the takeover. There's some recent additional reports coming out now of the effects the takeover had on liquidity in the interbank markets.
- fspeech 7y agoThis was the first default in the interbank market so it broke the implicit credit guarantee in the interbank market. So this is a reform that is long overdue but they have to start from somewhere.
- chewz 7y agohttps://www.ft.com/content/75bffe36-9330-11e9-aea1-2b1d33ac3271 https://www.ft.com/content/75bffe36-9330-11e9-aea1-2b1d33ac3... > Banks in China are facing a pinch on liquidity following the government takeover of a commercial bank that is resetting the rules for trading in the country’s interbank market.