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Hundreds Protest Outside Chinese Rare Earth Metals Exchange After Losing Investments
Jul. 16, 2015 09:20AM PST
Rare Earth InvestingThe Financial Times reported that hundreds of Chinese investors protested outside of the Fanya Metal Exchange in China – a rare earth metals exchange – after finding the exchange was unable to return their money. According to the Times, the event adds fuel to fears over the risks of shadow lending in China.
The Financial Times reported that hundreds of Chinese investors protested outside of the Fanya Metal Exchange in China – a rare earth metals exchange – after finding the exchange was unable to return their money. According to the Times, the event adds fuel to fears over the risks of shadow lending in China.
As quoted in the publication:
Investors said the Fanya Metal Exchange gradually refused to pay out on investment products — that had promised annual returns of 10 per cent or more — following a collapse in the price of rare metals, which were used as collateral against the customers’ funds.
Click here to read the full article from the Financial Times.