There has been occasional commentary about re-hypothecation of commodity stockpiles in China. That is, that the same shipment – iron, copper, aluminium, silver, gold, etc. – may have been used as collateral multiple times, more or less like houses in the US. Apparently port authorities in Qingdao have discovered that some warehouse receipts appear to have been duplicated, and banks are starting to get concerned. Such commodity financing is said to have accounted for more than one-third of China’s money supply growth in 2013. But it is China, so who knows?
Anyway, this may be nothing or it may be a huge deal. It is worth keeping an eye on the news flow about this.