Oh dear..........

Fears are growing that HSBC bank is insolvent, after the Bank refused cash withdrawals and has an $80bn blackhole in their balance sheet. Today, China itself has suspended cash transfers amid fears that it is not just HSBC but the Chinese state that has run out of cash.

A variety of sources including Forbes, Max Keiser, and FXstreet (Forex) have are reporting a Bank of China announcement suspending all cash transfers for the next several days. The Forbes report states:

“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.”

This news comes on top of my report yesterday that HSBC bank looked likely to require a bail-in by customers, or a bail out by the Chinese state in the near future, due to the $80bn shortfall in cash. With China now on the brink of a currency crisis, and holder of $1.3trn of US debt, we might want to brace ourselves for a distinctly stormy economic situation, imminently.

I refer you to my previous report below.

http://iacknowledge.net/hsbc-bank-on-verge-of-collapse-second-major-banking-crash-imminent/

Now wont this be inconvenient......

Lloyd's have been out of action as well,,,,,,Interesting times.

Wait for it,,,,,,,,it's all Labour's fault

  

Didn't "dave" do China recently,,,,the non-Midas touch?

scrat wrote:Didn't "dave" do China recently,,,,the non-Midas touch?

Oh so he did. He said...

‘Second-rate Britain’ needs to be more like China

Chancellor dismisses suggestions that China has a 'sweatshop' economy and wishes Britain would be more like the communist country

Bit like him saying that we should copy the Irish economic model,,,,,,,before they went bust and he had to help bail them out with £7.5 billion when he was given the purse.

http://www.independent.co.uk/news/uk/politics/george-osborne-secondrate-britain-needs-to-be-more-like-china-8890558.html

Irn Bru wrote:

scrat wrote:Didn't "dave" do China recently,,,,the non-Midas touch?

Oh so he did. He said...

‘Second-rate Britain’ needs to be more like China

Chancellor dismisses suggestions that China has a 'sweatshop' economy and wishes Britain would be more like the communist country

Bit like him saying that we should copy the Irish economic model,,,,,,,before they went bust and he had to help bail them out with £7.5 billion when he was given the purse.

http://www.independent.co.uk/news/uk/politics/george-osborne-secondrate-britain-needs-to-be-more-like-china-8890558.html

Shouldnt they just bind and gag the cretin now, ffs!

Goes state side starts bleating about how it woz the "Americans" that won the war, insults our veterans and then sacks the British head honcho of BP for the oil disaster and total destruction of the wild life and all caused by "daves" arrival, the man is a fucking disaster magnet, don't let the cunt out of Witney, another ffs!

Boris Schlossberg, a managing director at BK Asset Management, believes the biggest risk to global markets comes from Chinese wealth-management products such as the high-yield trusts. He said Chinese banks are trying to avoid a "Lehman" moment, referring to the collapse of the Wall Street investment bank that precipitated the Great Recession.

John Rutledge, the chief investment strategist with Safanad, said Monday that China has a "structural" problem when it comes to the high-yield trusts. They don't carry any risk, and they've become the credit source of choice among smaller companies that can't secure capital from large Chinese banks, he said.

"The ways they've gotten [capital] is through these trust companies but also through these black market loans," Rutledge told CNBC. "And finding a way to feed those companies' working capital in a steady way is what China really needs to in order to guarantee long-term stability."

The troubles within Chinese credit markets, and the ripple effects in the U.S. stock market, are a sign of investors' "unwinding" positions in light of potential higher U.S. interest rates, Rutledge said.

"They're afraid of letting one of these things go and then everybody else in China starts to run for the exits and that creates a tremendous security problem for the rest of the world," Schlossberg told CNBC.

China the communist State.... lefties again.

I've mentioned this on here:

https://newsfix.niceboard.com/t2032-banks-block-access-to-your-cash-unless-you-can-prove-what-it-s-for

Plus, three important bankers have committed suicide this week. Something's up!

Irn Bru wrote:Wait for it,,,,,,,,it's all Labour's fault

  

It happened on Gordons watch but it isn't all his fault.