Hundreds of investors protested outside the China Securities Regulatory Commission on Monday, claiming that the Fanya Metal Exchange in Kunming, Yunnan province had defrauded them of as much as RMB45 billion (US$7 billion), Reuters reported. Demand for the 14 minor and rare metals traded on the exchange has been falling this year, prompting some investors to try and cash in their investments in products linked to Fanya’s metals. Fanya said in a July statement that it was experiencing liquidity problems; in August, investors detained the firm’s chairman at a hotel in Shanghai and turned him over to police. He was later released.
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