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Fanya Metal Exchange to Repay Lost Cash to Chinese Investors
Jul. 21, 2015 09:02AM PST
Rare Earth InvestingQuartz reported that Chinese rare earth metal exchange Fanya Metals has promised to repay some of the cash it owes to investors. The exchange could be out over $6 billion, and investors have been protesting outside the exchange for the past week.
Quartz reported that Chinese rare earth metal exchange Fanya Metals has promised to repay some of the cash it owes to investors. The exchange could be out over $6 billion, and investors have been protesting outside the exchange for the past week.
As quoted in the publication:
Fanya, which is facing liquidity problems it blames on “malicious foreign devils” (link in Chinese), has pledged to repay some of that cash and offered up (link in Chinese) other investments in exchange, but retail investors are heading to the government for help. On Monday (July 20) hundreds of Fanya investors, wearing t-shirts that read “We believe the government can stop the crisis and rescue people,” gathered in front of the Kunming government building in Yunnan, as Metal Bulletin reported (paywall).