Fraud at China's third-largest lender will not cause a liquidity crisis
So says a front-page editorial in the China Securities Journal
The Agricultural Bank of China Ltd (AgBank) may lose around 3.8 billion yuan from a bills of exchange scam
- Sources report two employees had illegally sold the bills of exchange to an unnamed third-party, and then used the proceeds to invest in the stock market
The Journal editorial today says it won't cause a liquidity crisis for the stock market
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The China Securities Journal is an official publication, not only does it report on financial matters it reports official views on regulation, policy etc. Its under the umbrella Xinhua.
