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Bank of China Clients Said to Lose $1 Billion on Oil Bets

  • Estimate of losses rises 11-fold on data from more branches
  • Over 60,000 customers invested in WTI-linked product: Caixin
Fuel storage tanks containers stand in Crockett, California.

Fuel storage tanks containers stand in Crockett, California.

Photographer: David Paul Morris/Bloomberg
Updated on

Bank of China Ltd.’s estimate for the carnage to retail investors from the collapse in a product linked to U.S. crude oil futures surged 11-fold to more than 7 billion yuan ($1 billion) as it consolidated reports from its nationwide network, according to people familiar with the matter.

The estimate of losses to customers across China increased from about 600 million yuan in the middle of last week as more information was gathered from its more than 10,000 outlets, said the people, asking not to be identified discussing a private matter. The number isn’t final and subject to further change as more branch data are examined, one of the people said.