Last week, the Zambian government announced that its creditors—a coalition of French and Chinese lenders that includes China Exim Bank—would cancel $2 billion of the country’s $17 billion external debt. The landmark debt...
The following censorship instructions have been leaked and distributed online. China Construction...
From AFX News via Forbes.com: China’s banking industry faces the prospect of a significant increase in bad loans, if interest rates rise rapidly and the value of the yuan, ratings agency Standard & Poor’s said in a report. It estimates that if the Chinese yuan appreciates by 25 pct and interest rates increase by 200 […]
From The Weekly Standard, via American Enterprise Institute: Early last month, the accounting firm of Ernst and Young released a report concluding that the “nonperforming” loans of China’s banks totaled $911 billion (40 percent of China’s GDP)–a figure that far exceeds the Chinese government’s own estimate of $164 billion. Beijing’s response to the report was […]
From the Financial Times (link) Paul Ostling, global chief operating officer of Ernst & Young, has ordered an internal inquiry into the accountancy firm’s publication of a controversial report on China’s non-performing loans that it was forced to withdraw. E&Y retracted the report, saying its estimate of bad debts for the country’s big four state […]
From the Financial Times (link) Ernst & Young, the accountancy firm, has withdrawn a controversial report on China’s non-performing loans, saying its estimate of bad debts for the country’s big four state banks “cannot be supported and is factually erroneous.” The announcement comes days after the report was attacked by the People’s Bank of China, […]
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