Energy Markets
Bloomberg News reports that China has asked banks to stop new loans to US sanctioned refineries.
Bloomberg News reported Wednesday that China's financial regulator had advised the country's biggest lenders to temporarily suspend new loan to five refineries sanctioned by the U.S. for their ties with Iranian 'oil'. Could not verify immediately the report. In a verbal directive, the National Financial Regulatory Administration asked banks not to cancel existing credit, but to refrain from extending any new loans in yuan. According to the sources quoted in the report, the banks were instructed to review their business dealings including with China's largest private refining company Hengli Petrochemical Refinery (Dalian). Hengli and the NFRA did not immediately respond...