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. Official...

Published

Linda Lin

June 26, 2014

10:55 GMT

Shanghai