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China halted cash bank transfers
  • Vitaliy_KiselevVitaliy_Kiselev

    The People’s Bank of China , the central bank, has just ordered commercial banks to halt cash transfers.

    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.

    http://www.forbes.com/sites/gordonchang/2014/01/26/china-halts-bank-cash-transfers-2/

  • 6 Replies sorted by
  • kellar42kellar42

    This on top of HSBC limiting withdrawals...something is in the wind.

  • Vitaliy_KiselevVitaliy_Kiselev

    It seems like currencies problem and related big money moves.
    Add here loans issue inside China. Plus it is NY now, so, who knows.

  • markussenmarkussen

    The Forbes statement has been withdrawn, few duscussions about the topic can be found online, but no real further data.. this link seems to collect different statements giving no clear picture if bigger impacts can be expected. Better withdraw your money, and support the crash! ;-) http://www.cnbc.com/id/101364585

  • kurthkurth

    http://www.prisonplanet.com/china-cash-transfer-hoax-plays-into-bank-run-fears.html

  • punditpundit

    Well 'bail in' (deposit confiscation) is no hoax. What happened in Cyprus in March 2013 is now becoming the preferred model to deal with insolvent banks.

    It's now on the agenda here in Australia and it looks like it will be approved at the November G20 in Brisbane.

    The fact that the mainstream media are not reporting anything about it, and the banking staff I have spoken to (including managers) have no idea what a 'bail in' is should cause concern.

  • Vitaliy_KiselevVitaliy_Kiselev

    The PBOC has not—repeat not—asked Citibank to stop customers from wiring funds. Customers can still log on to their account to put in fund transfer requests at any time. The receiving bank (non-Citibank) will process the funds to be transferred on the next business day, as it always does. Because of the Lunar New Year break, the next business day is Friday Feb. 7

    It is all simple.

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