SocGen traders cut China counterparty exposure

BEIJING: Societe Generale SA (SocGen) cut its exposure to counterparties on trades in China by about US$80mil (RM370mil) in the past few weeks as global banks seek to guard against any potential fallout from rising geopolitical risks in the world’s second-largest economy.

It has several hundred million dollars in positions on China’s Financial Futures Exchange, people familiar with the matter said, asking not be identified as the details are private. The French bank has been seeking to replicate those positions elsewhere in Asia, they said.Like other firms and multi-nationals, the bank’s executives are growing increasingly concerned about a whole swathe of problems hitting China in recent months, although the country remains a key part of its strategy.