Friday, Jan 25, 2008
Sub-prime likely to hit Bank of China
AUSTRALIAN: to write off a quarter of the nearly $US8 billion ($9.3 billion) it holds in securities backed by sub-prime mortgages.
BANK of China appears increasingly likely to report a large write-down on its investments in US mortgage securities, illustrating the broadening reach of the global financial downturn - and how one of China's biggest lenders was less astute at avoiding the problem than it initially thought.
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