One of China’s busiest ports is investigating whether aluminium and copper stocks have been used multiple times as collateral against loans, reigniting concerns about financing activity in the world’s biggest commodity consumer.
The case, which could have implications for western banks and trading houses, comes as China cracks down on shadow financing and corruption.
A private Chinese metals company is alleged to have pledged the aluminium and copper stocks stored at warehouses in Qingdao as collateral for loans more than once.
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