Chinese takeaway?

Reply Tue 15 Nov, 2005 07:46 am
Liu Qibing, a copper dealer for the Chinese State Reserve Bureau, has disappeared, apparently after betting wrongly that prices were going to fall.

Mr Liu allegedly agreed to sell copper he did not then own, expecting he could buy it more cheaply later.

But the price of copper rose to record highs, leaving him with large losses.

Mr Liu has committed the Chinese government to deliver $800m (£460m) worth of copper in December - some 100,000 to 200,000 tonnes - which would leave Beijing with a significant financial loss.

The Chinese State Reserve Bureau (SRB) has denied Mr Liu's existence....


So thats ok then.

from http://news.bbc.co.uk/2/hi/business/4438160.stm
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Reply Tue 15 Nov, 2005 09:31 am
The government may be right. Mr Liu does not exist. At least not anymore.
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