“On Friday, Chinese state media reported that China Credit Trust Co. warned investors that they may not be repaid when one of its wealth management products matures on January 31, the first day of the Year of the Horse.
The industrial and Commercial Bank of China sold the China Credit Trust to its customers in inland Shanxi Province. This bank, the world’s largest by assets, on Thursday suggested they would not compensate investors, stating in a phone interview with Reuters that ” a situation does not completely exist in which ICBC will assume the main responsibility.”
There should be no mystery why this investment known as ” 2010 China Credit-Equals Gold #1 Collective Trust Product” is on the verge of default….”
If you enjoy the content at iBankCoin, please follow us on Twitter
can’t wait.like santa coming for another round,this time….coal for every one.
get out your popcorn and beer drummerboy….we shall see what unfolds
bank run in china has started.it’s a farmers’ co-op.they are trying to settle with 2 year notes.indeed.all over zh today.let the shit storm begin.
http://knowyourmeme.com/photos/404387-shitstorm