The central bank abruptly canceled an auction of 400bn RMB (US$48.38bn) in non-performing bank loans after the Industrial and Commercial Bank of China was accused of deceiving bidders about the loans on offer, the Standard in Hong Kong reported. It cited the website of Huarong asset management company, one of the four state agencies ordered to dispose of bad loans from state-owned banks. ICBC was accused of bundling a group of class-five loans the most difficult to collect into a batch of better, class-four loans. The auction had been scheduled over the past weekend and has been rescheduled for this weekend, but it could undermine another auction in Tianjin scheduled next Monday.
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