Beijing needs to pick a bank bailout message, says cbeddor:
Ernst & Young resigned as auditor for Bank of Jinzhou, the Chinese lender said in a stock exchange filing on May 31. According to the notice, EY said there were indications that the use of proceeds of certain loans to the bank’s institutional clients were inconsistent with their stated purpose in documentation. EY was unable to complete audit procedures for the bank’s 2018 annual results.
Trading of Bank of Jinzhou’s Hong Kong-listed shares has been suspended since April 1, pending the publication of its 2018 annual results. The People’s Bank of China said on June 2 that a government takeover of Baoshang Bank on May 24 was an isolated case, and that it would take steps to stabilise money markets.
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