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Bloomberg
Bank of China (BOC) Ltd’s estimate for the carnage to retail investors from the collapse in a product linked to US crude oil futures has surged 11-fold to more than $1 billion as it consolidated reports from its nationwide network, according to people familiar with the matter.
The lender’s 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 over 10,000 outlets, said the people, asking not to be identified discussing a private matter.