Chinese banks suspend opening positions for oil products, investors blame banks for huge losses

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Several Chinese banks have suspended opening positions for their crude oil related products after the unprecedented collapses of oil prices led to huge losses to investors.

Bank of China on Wednesday suspended clients from opening new positions in its "Yuanyou Bao", a product based on international crude oil futures, in view of pricing and delivery risks in the crude oil market, the bank said in a statement.

It's followed by the Bank of Communications and China Construction banks which also halted the transactions to open position on crude oil trading products starting Thursday in . . .

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