Chinese firm Citic Pacific hit by losses of US$1.89 billion on risky bets on US dollar
Oct 20th, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Chinese firm Citic Pacific Ltd. said on Monday it will incur losses of some HK14.7 billion Hong Kong dollars (US$1.89 billion) after an executive violated procedures by making risky bets against the US dollar that turned negative when the dollar rallied.