Topic: China Halts Bank Transfers - w/ Link (Read 1781 times)

Economic meltdown is very near buy bitcoin now!  Before the price reach $10000

As I posted 3 weeks ago, WWIII is coming. Not sure if we should hodl btc or pay out and buy physical gold. Gold is always worth something no matter what happens.

Another dead banker (suicide in WA state).  Coincidence, of course, but, just saying....

http://www.zerohedge.com/news/2014-01-31/third-banker-former-fed-member-found-dead-inside-week

Tough job isn't it? Tough. Ok. Anyone for cake?

This.  This is the key right here folks.

Maybe so that Renminbi withdrawals have been suspended is a hoax, it's possible. But as the OP alluded to, the real underlying problem is this:
http://www.zerohedge.com/news/2014-01-16/chinese-stocks-tumble-contagion-concerns-first-shadow-banking-default

As I've said in other threads on China in this forum, I truly believe that their Shadow banking system and the $1T in toxic investment packages that they have created are one giant Ponzi Scheme house-o-cards, just waiting to fall.  The Chinese Government may be able to step in "through the back door" and bail out some of them, but they most likely won't be able to bail them all out.  And the contagion could spread very quickly in 2014 once it starts in earnest.

Also two men were asked to leave a bar in Manchester for being intoxicated and an American Airlines flight left JFK over 20 minutes behind schedule.  

Definitely something brewing.

The China thing was a hoax (see my zerohedge link above), but you missed the Loyds ATM machines and debit cards not working, and HSBC-England refusing to release cash if the depositor couldn't provide "proof" of what they were using it for. 

- 3 Top Bankers commit suicide in the past week
- CEO of UK's largest Automotive company commits suicide
- Russian bank halts all cash withdrawals for a week
- China now Halts Bank transfers
- Drudge from Drudge report says "Exit now"

is something brewing in the financial world ?

I've been thinking this to be the case since the beginning of the month.

Maybe BTC-e staff has insider news and they dump before the Chinese do

Bitstamp and Houbi holding firm just at/above 780, BTC-e almost to 750.

BTC-e china just had a massive dump to $765.   related?   Very real possibility of bank runs.  

This was a hoax from Jan 27: http://www.zerohedge.com/news/2014-01-27/forbes-pulls-down-china-hoax-story-dennis-gartman-completely-fooled

I originally read this article on Forbes from my phone but could not post it using my phone. When I got home many hours later to post the article it had been removed from Forbes. I thought that was interesting but tried not to read into it too much.

http://beforeitsnews.com/economics-and-politics/2014/01/china-halts-bank-cash-transfers-forbes-2461052.html

(Before It's News)

According to this breaking story from Forbes.com, China has halted all bank cash transfers as shared in the story below. WHY would China’s central bank ORDER commercial banks to put an end to cash transfers? Is this the next step in the global currency war? Could this lead to WW3 as is now being argued by some? With America already practically ‘owned’ by China and getting more in debt every year, this can’t be a good thing. Video reports on China’s money problems also below.
 
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.  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.