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....
Earlier today, Forbes managed to spook readers with a bombastic report that China's commercial banks had been instructed by the PBOC to halt cash transfers - something which would have dire implications on China's banking system ahead of its new year holiday, and send the banking system into a tailspin just as China is desperate to avoid all turbulence ahead of a potential shadow banking default.
Leaving aside the fact that one should typically rely on official PBOC advisories, posted quite clearly on its website (where one finds no mention of this notice), one could simply keep track of interbank liquidity indicators such as repo and SHIBOR, both of which dropped, indicating that liquidity actually improved.
Anyway, here is what really happened, as reported by China Compass. "Forbes columnist Gordon Chang claimed in a much-quoted item today that the Peoples Bank of China had instructed commercial banks to halt cash transfers. Chang's column, entitled “China Halts Bank Transfers,” specifically refers to Citibank's Chinese branches. The report is entirely misleading." Our advice - focus on the real "weakest links" in China's banking system, of which there are many and are backed by facts, not the least of which is the potential upcoming shadow banking default. Ignore groundless rumors and speculation.
reply to post by xuenchen
I did a Google and all reports of this all went back to the forbes site.
I can understand you logic of a sort of double bluff but ...... I dont know if the information right.
Ok xuenchen should i get this thread removed or let it run ?
I'm not sure what to do.
or am i like usuall way off base?
Asian stocks declined, with the region’s benchmark index heading for its steepest three-day loss since June, as concern that the global economic recovery is faltering spurred investors to sell riskier assets.
This writer has combined two completely unrelated events into a single horribly researched article.
Truly it is amazing Forbes would print trash like this.
My 2 cents
Was in a store getting my daily bread when i heard something odd
The lady at the atm asked if the machine was broken
The check replied
No,it is just out of cash
Never heard that before ,sounded a little odd but blew it off
Until i read this thread
Bacliff Texas, for what its worth