May 19, 2020 / 11:31 AM / 10 days ago

China starts probe of BoC's oil-linked product losses publication

BEIJING, May 19 (Reuters) - China’s banking and insurance regulator has started an investigation into Bank of China’s (BoC) recent loss on a crude oil-linked product, the central bank publication Financial News reported on Tuesday.

The BoC has so far settled more than 80% of the cases involving losses on the investment product, the regulator said according to the report.

BoC said in late April it had settled trades for its trading product linked to the front-month contract for U.S. West Texas Intermediate crude futures at minus $37.63 per barrel, leaving mainly retail investors with losses.

The bank offered to shoulder all losses from the fall into negative territory and compensate up to 20% of investors’ original investments, Reuters reported. (By Lusha Zhang, Cheng Leng and Se Young Lee; editing by Jason Neely)

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