My Time

Saturday, June 7, 2008

China banks facing US$7.2 billion in quake-related write-offs

Mainland banks will likely write off 50 bln yuan in loans from borrowers rendered unable to pay due to the earthquake, the South China Morning Post reported, citing Xu Chengfa, deputy general manager of Bank of Communications.

"(The total) could be as much as that amount. But almost all the damaged buildings are in rural areas and this limits banks' exposure; the impact to us will be minimal," the Hong Kong newspaper cited Xu as saying.(1 usd = 6.9 yuan)