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HSBC imposes restrictions on large cash withdrawals

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Author Topic: HSBC imposes restrictions on large cash withdrawals  (Read 875 times)
Mark
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« on: January 27, 2014, 03:56:20 am »

Forbes has pulled this story from their site. Google will reference it but it is no longer on Forbes itself.

China Halts Bank Cash Transfers: Forbes

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.

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