Beijing's derivative default stance rattles banks
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Translated.....we no likeee pay contract mount.....we payee what we want payee.....youee disgreee youee jailed.
The State-owned Assets Supervision and Administration Commission, the regulator and nominal shareholder for state-owned enterprises (SOEs), told six foreign banks that SOEs reserved the right to default on contracts, Caijing magazine quoted an unnamed industry source as saying in an article published on Saturday.
Hehehe. 
The State-owned Assets Supervision and Administration Commission, the regulator and nominal shareholder for state-owned enterprises (SOEs), told six foreign banks that SOEs reserved the right to default on contracts, Caijing magazine quoted an unnamed industry source as saying in an article published on Saturday.
The State-owned Assets Supervision and Administration Commission, the regulator and nominal shareholder for state-owned enterprises (SOEs), told six foreign banks that SOEs reserved the right to default on contracts, Caijing magazine quoted an unnamed industry source as saying in an article published on Saturday.
Maybe GS will meet their match against the Chinese.
It just goes to show the Chinese are DISHONEST and cannot be trusted in ANY contract!
A contract will essentially bind a Western company if it's a win for the Chinese and screw the Western co. if the Chinese side loses.
I'm no fan of greedy banks, but in this case I say the West better wise up & stick it back to the Chinese before this shit becomes the norm.
A contract will essentially bind a Western company if it's a win for the Chinese and screw the Western co. if the Chinese side loses.
I'm no fan of greedy banks, but in this case I say the West better wise up & stick it back to the Chinese before this shit becomes the norm.
I agree, this sends a clear message that China cannot be trusted. Can't say I'm surprised though.