China’s state auditor finds $15bn loans backed by falsified gold trades

China’s national audit office has found that 25 gold processors in the country obtained 94.4 billion yuan ($15 billion) of loans through falsified transactions since 2012.

These processors made profits of around 900 million yuan through differences in foreign exchange rates and interest rates, the auditor said in a report published on its website.
Liu Jiayi, head of the office, delivered the report to the National People’s Congress conference on June 24.

Published

Linda Lin

June 26, 2014

10:55 GMT

Shanghai