FX Scandal Sinks Citic’s ’08 Profits

25 Mar 2009

Losses stemming from unauthorized foreign exchange derivatives sank 2008 profits at Citic Pacific.

Losses stemming from unauthorized foreign exchange derivatives sank 2008 profits at Citic Pacific. The trades, which soured after the Australian dollar unexpectedly fell against the U.S. dollar, sent the company to its first-ever loss, totaling HKD12.66 billion (USD1.625 billion), about a billion more than analysts had projected. Citic ...

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