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CN Financial Firms Cutting Lending to Middle East; HKMA Asks Banks to Revisit Mideast Risk Exposure: Wire
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Several Chinese financial firms are paring back their lending to the Middle East, with regulators simultaneously stepping up their scrutiny, Bloomberg reported, citing people with the knowledge of the matter. This week, the Hong Kong Monetary Authority (HKMA) has contacted at least two local banks, requesting them to review their loan and bond risk exposure in the Middle East. Meanwhile, Mainland Chinese authorities have also instructed domestic lenders to revisit their financing activities in the region, with results to be submitted as early as this week. A major mainland bank has unusually restricted bilateral loans to a financial institution under the Abu Dhabi government, sources divulged. The asset management division of a Chinese insurer is trimming its holdings of sovereign and government bonds, including those issued by Saudi Aramco. Meanwhile, a trader at a Chinese institution has been instructed to cease trading stocks in the region starting Monday (2nd). AASTOCKS Financial News |
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