China has been largely insulated from the direct effects of the global financial crisis because of its tight cross-border capital controls, but last week a procession of state-owned companies with offshore operations reported large losses from bad currency and commodity bets.
China's two largest railway construction companies revealed $331m in combined losses from investments in structured products related to the Australian dollar.
Meanwhile, Citic Pacific, the Hong Kong-listed subsidiary of China's largest state-owned conglomerate, said it faced potential currency losses of about $2bn, also from Australian dollar-related trades.
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