China Halts Bank Cash Transfers

Unity_99

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....

The only way for anybody to "Buy" the Federal Reserve is to buy major stock holdings in any big bank that is a FR member.

Those banks are required to buy stock in their respective FR branches.

And they get a fixed 6% dividend.

Federal Reserve Act

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

reply to Everyone above

 

Looks like Forbes and especially Mr Chang is full of it.

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.

Zerohedge

Im going to ask moderator to junk this thread and then e-mail forbes to tell them they a
bunch of useless %&$@ers.

reply to post by skuly


OR,

Somebody is just "denying" to avoid a panic?

So far, there is NO genuine source it seems.

Very dangerous to say the least !!!!

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.

here's a clue.

skuly
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.

Let the Moderators decide.

There is no confirmation of a hoax.

Don't kill the thread. Like someone pointed out in the comments on ZH, it could well be some back-pedalling.

Don't jump to conclusions, we don't know for sure either way.

disclamier i am almost completely ignorant of financial matters but is this related to the OP post? www.bloomberg.com...

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.

or am i like usuall way off base?

reply to post by RalagaNarHallas


China is going to "default" - and then try to eminent domain a bunch of american land-

The end of the USD as "petrodollar" - just before everyone is waiting for their tax refund - and obozocare is not going to be fixed -

The elite have been just slobbering over a WW3 scenario to get their money flowing in their military/industrial complex again - How many places are just a false flag away from war right now?

ME - always.... Sochi olympics.... China/Japan/Phillipines....Argentina/Brazil....US civil war/revolution...... Go ahead, add your favorites.

How about "abrupt climate change" ala huge earthquakes/nuclear plants exploding/polar shift?

And the final wild card - alien invasion from outer space.

Guess who's going to lose? We, the little people?

The article is written by someone that is either willfully ignorant of Chinese banking or has another agenda. I live permanently in China and this happens every lunar new year, the banks close for 7 days. Everyone here knows it and adjusts accordingly. Typically we all party for a solid week and then go back to work 1-2 days after the holiday ends.
The item about CitiBank China has been known for weeks here, they are having trouble with their exchanges and must run diagnostics on their software. the 3 days shutdown is strictly for citibank systems which has software issues. This writer has combined two completely unrelated events into a single horribly researched article.

Truly it is amazing Forbes would print trash like this.

What we need is some of our Chinese comrades whom bank with HSBC and are willing to withdraw at least $5,000.

Get it direct ourselves instead of waiting on the mainstream manipulated media.

So far we have a reporter saying something, then politicians saying "oh crap", back peddling and hoping the banks don't get smashed.

JackMack

This writer has combined two completely unrelated events into a single horribly researched article.

Truly it is amazing Forbes would print trash like this.

You know, that is why I automatically believed it without much question, Forbes has an excellent reputation. They HAVE now pulled the article though. It no longer exists.

What happens now is anyone's guess since most people like myself are not savvy concerning Chinese banking, only our own. This is now all over the internet, they will have to do some serious damage control.

reply to post by RalagaNarHallas


No because the article was not written until yesterday, therefore it is not possible for it to have had anything to do with the decline.

I posted this earlier.

Forbes Pulls Down China Hoax Story; Even As Dennis Gartman Is Completely Fooled

Earlier, we debunked an alarmist Forbes story about halted cash transfer by PBOC decree, which was erroneous along various lines all explained previously, not in the least that the actual announcement had first appeared some three weeks ago. And despite the kneejerk reaction of some of our more fatalist readers and not to mention the general public, the reality is that China has more than enough real problems (Trust Equals Gold being at the forefront) and certainly does not need to add imaginary, made up ones, conceived only with the intention of generating conflated ad revenues through click-baiting headlines. Which is why we commend Forbes for, better late than never, pulling the story even without providing an explanation of how this story appeared in the first place. Because where the article once was, there is only a 4-0-Forbes now:

www.zerohedge.com...
www.abovetopsecret.com...

This thread can go into the Hoax bin.

reply to post by MessageforAll


Thank-you. I knew Forbes reported BS on climate change but I thought it was because it was in the financial worlds best interest. I had been under the (apparently false) perception that their financial reporting was in good standing. Now I know better.

A friend also pointed out to me last night that, that particular reporter seems to always cast China in a negative light. So, people should be wary and check for back up sources when reading anything Gordon Chang publishes.

Another_Nut
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

You've never come across an ATM that was in need of filling up? I come across them all the time, within an hour or so the little armored car drives up and refills it.. they don't have unlimited cash stored in the ATM's you know...

reply to post by skuly


Terrible news comes out from multiple sources, confirmed by multiple actions in multiple markets.

Wait a day...

USA MSM reports the terrible news is made up.

"Nothing to see here people... move along." - ATS user requests this go in the HOAX bin.

God Bless,

reply to post by vkey08


Normally i might agree but truthfully the only atms I've ever seen empty are new ones awaiting their first payload

I have never used an installed atm that was out of cash

Maybe I've been lucky .

And i really don't know how the process goes

But i always assumed when the machine got low it told the banks to refill before they ran out

I could most defiantly be wrong though

Like i said just seemed odd.

I could be very wrong lol

The Chinese Bank system, for its faults, is incredibly resilient and supported 100% by China's Central Government system. I have lived here 8 years and have watched China grow tremendously just in these last few years and its bank system change along with it.

Banking here is very different than Western world. Here Customer is King, the bank bends over backwards to accommodate requests and if not immediately possible will do what they can to achieve your request ASAP. The manner customers are treated puts western banks to shame and rightly so.The bank has taken me to lunch on more than one occasion and i am not a large depositor.
Western companies and industries should take a lesson about customer service and response from their Asian Counterparts.

This is the start of the Chinese New Year. There's a two week holiday as well. I'd imagine everyone is pulling their money out of the bank in order to travel home and spend on gifts.

en.wikipedia.org...