Chinese Banks Disclose Credit Exposure

Chinese banks are just beginning to disclose their exposure to the U.S. subprime mortgage crisis, sending some bank shares plummeting in Hong Kong.

Bank of China saw its Hong Kong stock price fall by as much as 8.1 percent Friday in reaction to the bank's report that it holds $9.65 billion in subprime asset-backed securities and collateralized debt obligations. That's 3.8 percent of its total securities investments.

But in the Chinese mainland, where the state-controlled press ran headlines touting the minimal risks faced by two of the country's biggest banks from the U.S. credit crunch, Bank of China's shares rose Friday.

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- Posted: 2007-08-24 10:30:46

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