A Bank of China staff member serves a visitor at the China International Import Expo. (Photo provided to China Daily)

The Bank of China Ltd said it will take due responsibility under the legal framework for the losses of investors who had invested in its crude oil trading product, which is linked to foreign crude oil futures contracts, and make an all-out effort to protect the legitimate interests of clients.

"Under the circumstances of the global novel coronavirus outbreak and volatile fluctuations in the crude oil market, the Bank of China is deeply disturbed by the losses of investors who had invested in its crude oil futures trading product," the bank said in a statement issued on Friday.

"We will comprehensively review our product design, as well as risk management and its process, and take due responsibility under the legal framework. We and our clients will pull together in times of trouble, and we will do our best to protect their legitimate interests."

The fourth largest State-owned commercial lender by assets in China said on Wednesday its main investors will settle trades for its crude oil futures trading product at -$37.63 per barrel.

Starting from Wednesday, the BOC suspended the opening of new positions in a structured crude oil trading product marketed to retail investors that is directly linked to foreign crude oil futures' contracts, including West Texas Intermediate and Brent, in view of the current market and delivery risks.

The trading halt came after the price of US crude oil futures collapsed on Monday with the US benchmark West Texas Intermediate for May delivery falling below zero for the first time in history and settling at -$37.63 a barrel.

The bank said it will stay in communication with relevant market players, continue to negotiate with them about the abnormal market performance on Monday, and relay the latest developments to clients in due course.