The global financial crisis did not start in 2008 but in 2007 when BNP Paribas and UBS AG suspended withdrawals from some of their funds.
If the world is once again buffeted by a similar crisis thanks to the enormous splurge in Chinese lending and fears about the quality of lending in the giant shadow banking industry, then historians will look back at January 2014 when a fund promoted by Industrial and Commercial Bank of China ( ICBC) came close to default.
Read more at:
http://economictimes.indiatimes.com/articleshow/30131463.cms
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