China’s tumbling stock market has led to fears of contagion to the broader financial system, especially state-owned banks, a bedrock of the economy.
At first glance, banks should not be on the hook for falling stock prices. They are not permitted to buy shares for their balance sheets, nor are they directly involved in margin lending to stock investors.
But analysts warn that banks have developed circuitous ways to participate in the frothy run-up in stock prices that began late last year and peaked in mid-June before a dramatic reversal in the past three weeks.
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