Monday, June 24, 2013

Bank Of China Declares Moratorium On Transfers

Customer service said, now silver futures transfer service has been fully suspended, online banking, the counter can not be handled, and now has the background system response, recovery time is not yet known. 
The ICBC bank system failure comes trouble "money shortage", inevitably lead to speculation that many people guess the bank is not money.

 Shanghai Shenzen CSI 300 Index -6.3% today


  1. I'm assuming the translator is mistaken in the ending, "is not money" should be "has no money".

    Wouldn't it be great though in the context of silver futures is the actual translation was "the Renminbi is not money"?


  2. Clement Tan of Reuters reports China shares suffer worst day in almost four years. The CSI300 of the top Shanghai and Shenzhen listings plunged 6.2 percent; the Shanghai Composite Index, dived 5.2 percent as volumes spiked to the highest in about a month. Monday's losses were their worst since August 31, 2009.

    Commentary said the latest spike in money market rates was a result of market distortions caused by widespread speculative trading and shadow financing. The central bank, in its quarterly report on Sunday, pledged to "fine tune" existing "prudent" monetary policy. "I think the market is expecting 'fine-tuning' to mean a tightening of liquidity moving forward, especially after the way official media talked about shadow financing over the weekend," said Cao Xuefeng, Chengdu-based head of research at Huaxi Securities. "People are quite jittery ahead of the first of two (PBOC) open-market operations for the week on Tuesday. In this market environment, it's tough to call a bottom, fears could spread about funding for companies," Cao added.

    Banks hammered. Monday's plunge came despite the overnight repo rate, a key measure of funding costs in China's interbank market, falling by more than two percentage points to 6.64 percent on a weighted-average basis, its lowest since last Tuesday. It had peaked near 12 percent last Thursday. Among the biggest losers were smaller banks seen as more reliant on short-term interbank funding. The Shanghai financial sub-index skidded 7.3 percent in its worst day since November 2008, during the financial crisis that started that year. Shanghai-listed China Minsheng Bank and Industrial Bank, along with Shenzhen-listed Ping An Bank all plunged by 10 percent. Minsheng's Hong Kong listing skidded 8 percent in its worst day since October 2011. Minsheng shares, some of the most popular in both markets earlier this year, are now down 40 percent from a peak in January. They are down 19.4 percent on the year, compared to the 22 percent slide for the H-share index. Among the "Big Four" Chinese banks listed in Hong Kong, Agricultural Bank of China (AgBank) (1288.HK) and Industrial Bank of China (ICBC) (1398.HK) had the biggest percentage losses, 2.9 and 3 percent, respectively.

  3. Bryan and I had a field day with our cameras this one afternoon while we were shopping for some drinking water at a local market. Check out some of our favorites. Mandarin Interpreter