Red Kite reassured about Chinese metals financing probe

Reuters – Metals merchant and hedge fund Red Kite Group sees the apparent lack of further problems uncovered during a Chinese investigation into metals financing as a good sign, founding partner David Lilley said on Tuesday [June 10].

The probe at China’s Qingdao port, the world’s seventh largest, is examining whether warehouse receipts were duplicated so a cargo of metal could be used multiple times to obtain financing.

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