China Halts Bank Cash Transfers

Apparently for “system maintenance” is the official reason.

In short, there will be a three-day suspension of domestic renminbi transfers. There will also be a suspension, spanning nine calendar days, of conversions of renminbi to foreign currency. The specific reason given—“system maintenance” at the central bank—is preposterous. It is not credible that during the highest usage period in the year—the weeklong Lunar New Year holiday beginning January 31—the central bank would schedule an upgrade and shut down cash transfers.
A better explanation is that the country’s banking system is running dry. Yes, there is an increased need for money in the run-up to and during the Lunar New Year holiday, but that is only a small factor.
After all, central bank officials knew this spike in demand was coming—it occurs every year at this time—and a core function of central banks is to manage seasonal liquidity fluctuations. Moreover, the holiday has not started yet, and the PBOC, as that institution is known, could have added more liquidity to meet cash needs.
So what’s really going on? This crunch follows similar incidents in June and December of last year. In June, for instance, the central bank used the excuse of a “system upgrade” to allow banks to shut down their ATMs and online banking platforms. As a result, they conserved cash and thereby avoided a nationwide meltdown.

Forbes

There been rumors about a Chinese credit crunch in the works for a while and also there a
problem with a shadow bank debt due to be payed on the 31st but i don't know if the two
are connected or not.

The timing and length of the system maintenance seems odd but best to give it a week before
we know if there anything to panic about or not.

Oh it is most definitely to prevent people from taking their fiat cash back.

Major debt being called in on the 31st + banks locking down cash withdrawals (ala Cyprus) = Corrupt Bankers taking money that doesn't belong to pay a debt.

I only blame those that still have money in the bank.

Everyone was warned with Cyprus... Why ANYONE still has large sums of money in a bank is beyond comprehension.
They forfeit the right to complain when they have it taken away from them.

reply to post by skuly


Yeah looks bad and they're not the only ones:

First HSBC bungles up an attempt at pseudo-capital controls and now another major UK bank - Lloyds/TSB - has admitted it are experiencing cash separation anxiety manifesting itself in ATMs failing to work and a difficult in paying using debit cards

ZeroHedge

I've got a bad feeling about this.

Much of the West will just shrug their shoulders and think "Oh well...that's China for you". And go about their way comfortable in the fact that they live far away.

Until Mr. Jones tries to withdraw 500 Dollars from his account in Nevada or Saskatchewan...

"Sorry...our systems are Down"

And then?

Peace

reply to post by skuly

I am wrong. Nevermind

There must be some kind of "consolidation" taking place.

"System Maintenance" has more than one meaning.

Strange how everybody always thinks it's computer related when many times there is always a "financial adjustment" underway.

One of these days.....

reply to post by Bassago


We have been warned about this coming for years now.... it all been only a matter of how much longer before people notice...

Shouldn't be any shock. It just is.

The puzzle is coming together or coming apart?

www.abovetopsecret.com...

Thanks for the heads up my friend.

Regards, Iwinder

reply to post by Bassago


HSBC limiting withdraws and people cant get hold of they money
Lloyds/TSB card glitches and people cant get hold of they money
china has maintenance and people cant get hold of they money

All these different problems with different banks all end with the same result.
Funny that.

So what happens now?

Kali74
So what happens now?

Go long ink.

reply to post by METACOMET


I have no idea what that means.

reply to post by Kali74


That all depends on what they do this time to pull rabbits out of hats. None of it matters as it's all illusory. Its just like David Copperfield in action. Nothing but illusion.

If they cannot figure out the next rabbit... then you just don't want to know what happens next. This is why you prep and learn survival skills. You will need them in lieu of a rabbit.

reply to post by Kali74

If im reading this right then a credit crunch like 2008.
Banks stop lending to each other.

But if the bank can stop people getting hold of money in their account then
the cash can be used to keep the bank going till it finds a lender to borrow
money from to plug any short fall.

That might be why these glitches/maintenance problems might be happening
all the time to stop the out flow of money from the bank.

Thats the theory anyway but no one outside of a bank boardroom going
to know of sure.

Kali74
So what happens now?

I think the banks might have a "currency shortage".

The more cash currency outflows, the shorter they get.

Keep in mind most of the "money" is just ledger entries and asset balances.

The actual currency is the problem.

They might need time to actually print more cash.

People might be withdrawing to avoid problems when computers appear to be "not working".

reply to post by skuly


Convenient... Makes me wonder if that "Hoax" the other day had more meat to it, they mention the Twitter part in this article, but not the part about the story that was actually on the CNN website.

Kali74
reply to post by METACOMET

 

I have no idea what that means.

xuenchen
print more cash.

This will become obvious when wheelbarrows start trading on the CME as the new, hot, commodity.

METACOMET

Kali74
reply to post by METACOMET

 

I have no idea what that means.

xuenchen
print more cash.

This will become obvious when wheelbarrows start trading on the CME as the new, hot, commodity.

Don't forget tents it is the new real estate boom.

xuenchen
There must be some kind of "consolidation" taking place.

"System Maintenance" has more than one meaning.

Strange how everybody always thinks it's computer related when many times there is always a "financial adjustment" underway.

One of these days.....

Didn't China just buy the Federal Reserve at half price or something? That's what's going around online and I'm waiting for ATS to handle it an see what's up. I mean, think of that for a minute....

Bassago
reply to post by skuly

 

Yeah looks bad and they're not the only ones:

First HSBC bungles up an attempt at pseudo-capital controls and now another major UK bank - Lloyds/TSB - has admitted it are experiencing cash separation anxiety manifesting itself in ATMs failing to work and a difficult in paying using debit cards

ZeroHedge

I've got a bad feeling about this.

It's very hard to take seriously a quote that reads "...Lloyds/TSB - has admited it are experiencing..." - I find ZeroHedge a sloppy and questionable source. As they say...lol... your own mileage may differ.