China's exposure to subprime crisis limited, says economist
China's direct exposure to the US subprime crisis is limited, argues Chi Lo, head of Ping An Asset Management, but exports will suffer.
The US subprime woes have spread around the world markets. Recently, there are even worries, exaggerated buy some China critics, that ChinaÆs foreign reserves and financial system could be at risk due to the subprime exposure.
State lenders Industrial and Commercial Bank of China, Bank of China and China Construction Bank disclosed recently that they had $12 billion in subprime related investment as of June this year. US data also show that China held $107.5 billion in US mortgage-backed securities...
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