Bank of China Halts Forex Trade With Europe Banks, Reuters Says By BloombergBank of China Ltd. (3988) has stopped trading foreign-exchange forwards and swaps with several European banks on concerns about the regions debt crisis, Reuters reported, citing three unnamed people. The banks include Societe Generale (GLE) SA, Credit Agricole SA (ACA) and BNP Paribas, after Moodys Investors Service lowered or put their credit ratings on review for possible downgrades, Reuters reported today.Bank of China halts FX swaps with some European banks: sources By Reuters Bank of China (601988.SS), a big market-maker in China's onshore foreign exchange market, has stopped foreign exchange forwards and swaps trading with several European banks due to the unfolding debt crisis in Europe, three sources with direct knowledge of the matter told Reuters on Tuesday. The European banks include French lenders Societe Generale (SOGN.PA), Credit Agricole (CAGR.PA) and BNP Paribas (BNPP.PA), and Bank of China halted trading with them partly because of the downgrading from Moody's, the sources said. Another Chinese bank said it had stopped trading yuan interest rate swaps with European banks. The sources declined to be identified because they were not authorized to speak with the media. Contacted about this move by the Chinese banks, spokespeople for Societe Generale, UBS and BNP Paribas declined comment. Credit Agricole was not reachable for comment.
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