Three Chinese commercial banks have disclosed their exposures,
totalling USD297.4m, to Lehman Brothers, but five major Chinese
insurers say they are not financially linked with the bankrupt
investment bank.
Industrial & Commercial Bank of China (ICBC) holds USD151.8m in Lehman bonds, Bank of China USD75.6m and China Merchants Bank USD70m, Xinhua news agency writes. American news wires report that "Chinese banks'
exposure to Lehman is unclear but probably small," AP quotes Adam Breen, an economist at Global Insight.
Chinese insurers, including China Life and Ping An, say they are not
holding any bonds linked to Lehman Brothers, the Shanghai Securities
News reports. The two companies and China Pacific Insurance Group said
that they also had not invested in bonds linked to AIG, the American
insurance company that was rescued by the American Federal Reserve with
an USD85 bn loan.
Related stories:
Lehman Brothers' Chinese JV Mystery
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