Breaking News
Investing Pro 0
New Year’s SALE: Up to 40% OFF InvestingPro+ CLAIM OFFER

JPMorgan, ICBC Standard pull back from China metal financing -Bloomberg News

Economy Sep 16, 2022 05:32
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Aluminium ingots are seen outside a warehouse that stores London Metal Exchange stocks in Port Klang Free Zone, outside Kuala Lumpur, March 23, 2015. REUTERS/Olivia Harris/File Photo
 
JPM
-0.85%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
CHNA
+0.00%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
N1WS34
0.00%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

(Reuters) -JPMorgan Chase & Co and ICBC Standard Bank Plc are cutting back on financing to China's troubled metals trade, Bloomberg News reported on Friday, citing people familiar with the matter.

The lenders have pulled back after a liquidity crisis emerged at top copper trader Maike Metal International Group Co. Ltd, the report said.

At least three Chinese metal trading companies have had credit lines frozen or reduced by either of the banks in recent weeks, the report added. (https://bloom.bg/3RNBCjL)

Both JPMorgan (NYSE:JPM) and ICBC Standard Bank have financing relationships with Maike.

It was not clear whether the banks' pullback from the Chinese metals market was a temporary freeze, while they assess their situation, or a more permanent retreat, the report said.

JPMorgan declined to comment, while ICBC did not immediately respond to Reuters' request for comment.

Maike Metal International Group said last month that it is seeking help from the government and financial institutions to alleviate liquidity issues caused by measures aimed at curbing COVID-19 outbreaks.

Lockdowns in the cities of Shanghai and Xi'an had affected Maike's upstream and downstream businesses, halting deliveries and transport, as well as delaying the issue of some financial documents, Reuters reported last month.

JPMorgan, ICBC Standard pull back from China metal financing -Bloomberg News
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email