April 30, 2020 / 1:45 PM / a month ago

China's regulator urges Bank Of China to investigate problem of oil-linked products

FILE PHOTO: An exterior view of the Nanyou branch of the Bank of China in Shenzhen, China November 29, 2017. REUTERS/Staff

HONG KONG/BEIJING (Reuters) - China’s banking and insurance regulator said on Thursday it had asked Bank of China to investigate a problem related to the bank’s crude oil products.

The bank is facing investor fury over heavy losses on an oil-related investment product after an unprecedented crash in energy markets.

Banks were urged to tighten risk management regarding products linked to futures, China Banking and Insurance Regulatory Commission (CBIRC) said in response to Reuters questions.

CBIRC had asked commercial banks to halt new sales of a wide range of wealth management products that might lead to unlimited losses for investors.

Reporting by Meg Shen in Hong Kong; Leng Cheng in Beijing; Editing by Kevin Liffey

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