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Posted: 1/26/2014 7:11:23 PM EDT
China Halts Bank Cash Transfers The People’s Bank of China, the central bank, has just ordered commercial banks to halt cash transfers. . . . 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. . . . Banks are evidently scrambling for cash. They have, in the past, resorted to desperate maneuvers at the ends of calendar quarters to meet regulatory requirements. The current crunch is even more alarming because it cannot be occurring for quarter-end reasons. Something is very wrong in China at the moment. Banks’ apparent need to conserve cash, coming just weeks after the last incident, looks ominous.  So... what's going on? ETA: Okay so now the link at Forbes is now dead, but they still run the headline on Forbes homepage.   |
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Posted: 1/26/2014 7:13:29 PM EDT
[#1]
Rumor is China's preparing to default on loans.
The timing with HSBC and Lloyd's seems a bit odd though.. |
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Posted: 1/26/2014 7:16:06 PM EDT
[#2]
in before "It's happening gif".
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Posted: 1/26/2014 7:17:13 PM EDT
[#3]
What possible implications could this have here in the US? Should I care?
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Posted: 1/26/2014 7:17:34 PM EDT
[#4]
 _
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Posted: 1/26/2014 7:18:13 PM EDT
[#5]
Quote HistoryQuoted:
What possible implications could this have here in the US? Should I care? What if we can't borrow money when the budget runs out next month? |
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Posted: 1/26/2014 7:18:43 PM EDT
[#6]
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Posted: 1/26/2014 7:19:22 PM EDT
[#7]
They ain't got no money, then we ain't got no money...
Back to bartering for shit... |
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Posted: 1/26/2014 7:21:41 PM EDT
[#8]
Stop all rubber dog turd shipments, stat.
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Posted: 1/26/2014 7:21:41 PM EDT
[#9]
Stop all rubber dog turd shipments, stat.
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Posted: 1/26/2014 7:21:58 PM EDT
[#10]
Quote HistoryQuoted:
What if we can't borrow money when the budget runs out next month? Quote HistoryQuoted:
Quoted:
What possible implications could this have here in the US? Should I care? What if we can't borrow money when the budget runs out next month? What if Chase, BoA, all of them put an arbitrary limit on the amount of transfers? Is there anything under our laws preventing them from doing such a thing? asking because I don't know. |
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Posted: 1/26/2014 7:22:50 PM EDT
[#11]
Apparently that is not true. . . go to this site, and read the comments. . .it's down towards the bottom. .
http://www.market-ticker.org/ |
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Posted: 1/26/2014 7:23:17 PM EDT
[#12]
Hmm. My father is in China right now.
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Posted: 1/26/2014 7:27:25 PM EDT
[#13]
Quote HistoryQuoted:
What if Chase, BoA, all of them put an arbitrary limit on the amount of transfers? Is there anything under our laws preventing them from doing such a thing? asking because I don't know. Quote HistoryQuoted:
Quoted:
Quoted:
What possible implications could this have here in the US? Should I care? What if we can't borrow money when the budget runs out next month? What if Chase, BoA, all of them put an arbitrary limit on the amount of transfers? Is there anything under our laws preventing them from doing such a thing? asking because I don't know. Assuming such a law existed, do you really think Holder's DoJ would enforce it in "a time of crisis"? |
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Posted: 1/26/2014 7:30:08 PM EDT
[#14]
I was expecting to see a zerohedge.com source, and was ready to dismiss.
Seeing that it's a Forbes link, I'm now interested, but it's not loading. In the meantime, is this a Gordon Chang article? ETA: Yup, it's a Gordon Chang article. I'm now going to return to my regularly scheduled programing. |
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Posted: 1/26/2014 7:39:15 PM EDT
[#15]
Quote HistoryQuoted:
I was expecting to see a zerohedge.com source, and was ready to dismiss. Seeing that it's a Forbes link, I'm now interested, but it's not loading. In the meantime, is this a Gordon Chang article? No, There is no stoppage of cash transfers in China Zerohedge "Because of the Lunar New Year, the next banking day is Feb 7th" |
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Posted: 1/26/2014 7:47:34 PM EDT
[#16]
Quote HistoryQuoted:
Stop all rubber dog turd shipments, stat. You can say that again |
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Posted: 1/26/2014 7:50:53 PM EDT
[#17]
Quote HistoryQuoted:
What if we can't borrow money when the budget runs out next month? Quote HistoryQuoted:
Quoted:
What possible implications could this have here in the US? Should I care? What if we can't borrow money when the budget runs out next month? 
We have presses 
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Posted: 1/26/2014 8:16:53 PM EDT
[#18]
Quote HistoryQuoted: I was expecting to see a zerohedge.com source, and was ready to dismiss. Seeing that it's a Forbes link, I'm now interested, but it's not loading. In the meantime, is this a Gordon Chang article? ETA: Yup, it's a Gordon Chang article. I'm now going to return to my regularly scheduled programing. Who's Gordan Chang? |
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Posted: 1/26/2014 8:58:01 PM EDT
[#19]
http://en.wikipedia.org/wiki/Gordon_G._Chang
Gordon Gekko Chang |
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Posted: 1/26/2014 9:01:00 PM EDT
[#20]
Quote HistoryQuoted:
Who's Gordan Chang? Quote HistoryQuoted:
Quoted:
I was expecting to see a zerohedge.com source, and was ready to dismiss. Seeing that it's a Forbes link, I'm now interested, but it's not loading. In the meantime, is this a Gordon Chang article? ETA: Yup, it's a Gordon Chang article. I'm now going to return to my regularly scheduled programing. Who's Gordan Chang? Frequent guest interview on the John Batchelor Show and always has some great insights on the Asian markets. |
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Posted: 1/26/2014 9:05:42 PM EDT
[#21]
Quote HistoryQuoted:
Who's Gordan Chang? Quote HistoryQuoted:
Quoted:
I was expecting to see a zerohedge.com source, and was ready to dismiss. Seeing that it's a Forbes link, I'm now interested, but it's not loading. In the meantime, is this a Gordon Chang article? ETA: Yup, it's a Gordon Chang article. I'm now going to return to my regularly scheduled programing. Who's Gordan Chang? even better question Who is the poster Tyler Durden at ZeroHedge? |
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Posted: 1/26/2014 9:08:09 PM EDT
[#22]
Tomorrow could be an interesting trading day.
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Posted: 1/26/2014 9:32:47 PM EDT
[#23]
Tough times. Why the changes all the sudden? 
I don't trust the Chinese at all. 
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Posted: 1/26/2014 9:35:27 PM EDT
[#24]
Didn't the Brits just do the same thing a couple days ago??
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Posted: 1/27/2014 5:24:59 AM EDT
[#25]
Quote HistoryQuoted:
Who's Gordan Chang? Quote HistoryQuoted:
Quoted:
I was expecting to see a zerohedge.com source, and was ready to dismiss. Seeing that it's a Forbes link, I'm now interested, but it's not loading. In the meantime, is this a Gordon Chang article? ETA: Yup, it's a Gordon Chang article. I'm now going to return to my regularly scheduled programing. Who's Gordan Chang? His articles about the Chinese economy tend to fall on the alarmist side. I enjoy his articles, but they need to be taken with a bag of salt. The stuff at zerohedge is worse, much worse. |
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Posted: 1/27/2014 5:27:55 AM EDT
[#26]
China is not in trouble. Their government and banks own nearly 1 TRILLION of our debt. Our Treasury bond prices are at highs (good) right now so they could raise hundreds of Billions in a nanosecond. |
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Posted: 1/27/2014 5:32:13 AM EDT
[#27]
Quoted:
[url= style='font-size: 10pt;']China Halts Bank Cash Transfers[/span][span style='font-size: 10pt;'] [/span][/url]
The People’s Bank of China, the central bank, has just ordered commercial banks to halt cash transfers. . . . 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. . . . Banks are evidently scrambling for cash. They have, in the past, resorted to desperate maneuvers at the ends of calendar quarters to meet regulatory requirements. The current crunch is even more alarming because it cannot be occurring for quarter-end reasons. Something is very wrong in China at the moment. Banks’ apparent need to conserve cash, coming just weeks after the last incident, looks ominous. So... what's going on? ETA: Okay so now the link at Forbes is now dead, but they still run the headline on Forbes homepage. I have been at an ATM there (China) many times and you literally are withdrawing the money the guy before you deposited. |
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Posted: 1/27/2014 5:44:47 AM EDT
[#28]
I never heard the term renminbi before, just yuan.
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Posted: 1/27/2014 5:47:08 AM EDT
[#29]
Quote HistoryQuoted:
I never heard the term renminbi before, just yuan. Most call it RMB. Yuan means one dollar or one RMB so it is translated like the US uses the Dollar. |
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Posted: 1/27/2014 5:48:31 AM EDT
[#30]
Quote HistoryQuoted:
China is not in trouble. Their government and banks own nearly 1 TRILLION of our debt. Our Treasury bond prices are at highs (good) right now so they could raise hundreds of Billions in a nanosecond. Owning someone elses debt is only good if that someone else can pay the debt. Right now we can't pay our debts 
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Posted: 1/27/2014 5:51:07 AM EDT
[#31]
Anyone find it odd that both forbes and cnn have posted and pulled negative articles about china over the last few days?
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Posted: 1/27/2014 5:54:40 AM EDT
[#32]
Quote HistoryQuoted:
Anyone find it odd that both forbes and cnn have posted and pulled negative articles about china over the last few days? Someone is trying to roil the markets perhaps. |
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Posted: 1/27/2014 6:03:08 AM EDT
[#33]
Bank Holiday, coming to a bank near you soon!
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Posted: 1/27/2014 6:12:40 AM EDT
[#34]
Quote HistoryQuoted:
Bank Holiday, coming to a bank near you soon!
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Posted: 1/27/2014 6:21:31 AM EDT
[#35]
What's wrong with a Bank Horiday?
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Posted: 1/27/2014 6:23:33 AM EDT
[#36]
Quote HistoryQuoted: in before "It's happening gif". I'm so tired of seeing that stupid .gif. |
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Posted: 1/27/2014 6:26:45 AM EDT
[#37]
China is a communist country with party ownership of the bank, currency, and exchange rate. They can just print more money if they do not have cash on hand.
There is a trade war going on for the last five years or so. It's being fought in currency exchange rate. Countries are devaluating their currencies. This is why our dollar has not crashed and our economy soured on hyperinflation. China needs to print money to keep up with Obama. |
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Posted: 1/27/2014 6:33:00 AM EDT
[#38]
Quote HistoryQuoted:
What if we can't borrow money when the budget runs out next month? Quote HistoryQuoted:
Quoted:
What possible implications could this have here in the US? Should I care? What if we can't borrow money when the budget runs out next month? Better get ur refund quick |
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Posted: 1/27/2014 6:47:01 AM EDT
[#39]
Quote HistoryQuoted:
What's wrong with a Bank Horiday? It's a clue of something bigger unfolding |
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Posted: 1/27/2014 6:50:50 AM EDT
[#40]
Quote HistoryQuoted:
Owning someone elses debt is only good if that someone else can pay the debt. Right now we can't pay our debts Quote HistoryQuoted:
Quoted:
China is not in trouble. Their government and banks own nearly 1 TRILLION of our debt. Our Treasury bond prices are at highs (good) right now so they could raise hundreds of Billions in a nanosecond. Owning someone elses debt is only good if that someone else can pay the debt. Right now we can't pay our debts IIRC, the Chicoms bought 2000 metric tons of gold last year. They could set up a website and go retail. 
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Posted: 1/27/2014 7:00:45 AM EDT
[#41]
 our new rulers
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