The Qingdao Port Scandal: Saving trade finance in China
A crucial court decision and improved practices around commodity assets and collateral is helping restore confidence following fraud at the Port of Qingdao
When news of massive fraud in the Port of Qingdao, the world’s seventh largest port, hit the wires last summer, it caused a seismic shift in China’s trade metal flows, with huge volumes of nickel and zinc being shipped out of China for safer keeping. While its hard to get numbers, imports of refined copper, common in financing deals, have dropped by approximately 14% in the year to date, as of June 11.
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