Watch Out: Looks like a SECOND Chinese bank is in serious trouble, $105 Billion in assets
One would be wise to pay some attention to the Chinese banking sector right now. Haven’t seen anyone use the word “contagion” in the financial press yet. But people are thinking it.
(From Zerohedge)
While the western world (and much of the eastern) has been preoccupied with predicting the consequences of Trump’s accelerating global trade/tech war, Beijing has had its hands full with avoiding a bank run in the aftermath of Baoshang Bank’s failure, scrambling to inject massive amounts of liquidity last week in the form of a 250 billion yuan net open market operation to thaw the interbank market which was on the verge of freezing, and sent overnight funding rates spiking and bond yields and NCD rates higher.
Unfortunately for the PBOC, Beijing is now racing against time to prevent a widespread panic after it opened the Pandora’s box when it seized Baoshang Bank two weeks ago, the first official bank failure in a odd replay of what happened with Bear Stearns back in 2008, when JPMorgan was gifted the historic bank for pennies on the dollar.
http://www.againstcronycapitalism.org/
Source: https://www.ac2news.com/2019/06/watch-out-looks-like-a-second-chinese-bank-is-in-serious-trouble-105-billion-in-assets/
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