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BOC cuts exposure to eurozone woe
Source: Agencies |
September 21, 2011, Wednesday
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Print Edition
Print Edition
THE Bank of China, a big market-maker in the country's onshore foreign exchange market, has stopped foreign exchange forwards and swaps trading with several European banks due to the unfolding debt crisis in Europe, three sources with direct knowledge of the matter said yesterday.
Another Chinese bank has also halted interest rate swaps trading with some European banks, a source at the bank said, indicating Chinese lenders have joined the growing ranks of institutions cutting exposure to the crisis-hit eurozone. This source requested that he nor his bank be identified because of the sensitivity of the matter.
While the sources said BOC had stopped trading the forwards and swaps with several European banks, they only identified French lenders Societe Generale, Credit Agricole and BNP Paribas.
The BOC's decision was made partly because of the downgrade of these financial institutions by Moody's ratings agency, the sources said.
One of the sources said the decision by BOC may apply across its branches, including the onshore foreign exchange market.
Another Chinese bank has also halted interest rate swaps trading with some European banks, a source at the bank said, indicating Chinese lenders have joined the growing ranks of institutions cutting exposure to the crisis-hit eurozone. This source requested that he nor his bank be identified because of the sensitivity of the matter.
While the sources said BOC had stopped trading the forwards and swaps with several European banks, they only identified French lenders Societe Generale, Credit Agricole and BNP Paribas.
The BOC's decision was made partly because of the downgrade of these financial institutions by Moody's ratings agency, the sources said.
One of the sources said the decision by BOC may apply across its branches, including the onshore foreign exchange market.
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