China Everbright owns up to June default

After its successful public offering in Hong Kong, China Everbright Bank has stepped forward to say that it defaulted on 6.5 billion yuan of interbank loans in June, just as China's liquidity crisis was developing. The bank said in a prospectus that two branches came up short of cash after failing "to receive from certain counterparties the expected proceeds from ... interbank deposit commitments."

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