3 ms·

No, There Is No Stoppage Of Cash Transfers In China snip… “Earlier today, Forbes managed to spook readers with a bombastic report that China’s commercial bank

No, There Is No Stoppage Of Cash Transfers In China snip… “Earlier today, Forbes managed to spook readers with a bombastic report that China’s commercial banks had been instructed by the PBOC to halt cash transfers – something which would have dire implications on China’s banking system ahead of its new year holiday, and send the banking system into a tailspin just as China is desperate to avoid all turbulence ahead of a potential shadow banking default. Leaving aside the fact that one should typically rely on official PBOC advisories, posted quite clearly on its website (where one finds no mention of this notice), one could simply keep track of interbank liquidity indicators such as repo and SHIBOR, both of which dropped, indicating that liquidity actually improved. Anyway, here is what really happened, as reported by China Compass. “Forbes columnist Gordon Chang claimed in a much-quoted item today that the Peoples Bank of China had instructed commercial banks to halt cash transfers. Chang’s column, entitled “China Halts Bank Transfers,” specifically refers to Citibank’s Chinese branches. The report is entirely misleading.” Our advice – focus on the real “weakest links” in China’s banking system, of which there are many and are backed by facts, not the least of which is the potential upcoming shadow banking default. Ignore groundless rumors and speculation. More from China Compass:” continue http://www.zerohedge.com/news/2014-01-26/no-there-no-stoppage-cash-transfers-china http://www.zerohedge.com/news/2014-01-26/no-there-no-stoppag...

streetnigga 13y ago
Citibank is singled out as a weak performer in China then eh? Weak to the point of bringing up the specter of default at least. Then again ZH didn't exactly link to China Compass as far as I can see, and ZH has a really shit track record overall so I give no benefit of the doubt for quotes.
- cinquemb 13y ago
  Well forbes just pulled the article, so that should speak for itself whether or not people were burned by using ZH for trading tips or anything beyond intellectual masturbation/infotainment. Though this "maintenance period" coinciding with liquidity drying up in chinese markets naturally has people wondering if this can be the straw that brakes the camels back. But if it is, with all the tongue-in-cheek tones floating around on this, do people really think an event like that will be contained to just chinese markets? I can only think of the people behind the all cash real estate purchases in us markets thinking they need to now flip their recently acquired properties in order to cover a shortfall only to see that everyone else will be trying to do the same…
  - streetnigga 13y ago
    "whether or not people were burned by using ZH for trading tips" I never said anything about "trading tips," just that ZH has proven itself to be built upon a pile of rumor mill excrete.
    - cinquemb 13y ago
      >just that ZH has proven itself to be built upon a pile of rumor mill excrete. …that everyone from cnbc reporters, economists, peeps at nanex and billionaires have felt the need on occasion to participate with to varying degrees. So now that's out of the way, what do you really want to add to topic at hand?
      - streetnigga 13y ago
        Well thanks for the inquiry. I think the take on ZH's reporting seems rather correct. If the controls only apply to Citibank then the phrasing of the the article's headliner is a bit much. As for the meat of the subject Citibank has been a laggard[0] entity for some years, after the great recession and all. [0] http://www.google.com/finance?cid=662713 http://www.google.com/finance?cid=662713
        cinquemb 13y ago
        I think that makes it even more interesting when you think about them in the context of their peers, and considering it has been a cyclical bear market since 2000, would you say this is a one off or a sign of more things to come in general in the current environment in china?
        streetnigga 13y ago
        One of the reasons I expressed bother that ZH didn't link to the report they cited was my lack of view into the China. Heck my best metric is valuation of US stock of a company registered in the US, not it's sister/brother in a different nation. Typically though there is no major divide in reaction to core stability across markets. Not much of a comment on China just Citi, ZH, parent article.

streetnigga 13y ago

Citibank is singled out as a weak performer in China then eh? Weak to the point of bringing up the specter of default at least. Then again ZH didn't exactly link to China Compass as far as I can see, and ZH has a really shit track record overall so I give no benefit of the doubt for quotes.

cinquemb 13y ago
Well forbes just pulled the article, so that should speak for itself whether or not people were burned by using ZH for trading tips or anything beyond intellectual masturbation/infotainment. Though this "maintenance period" coinciding with liquidity drying up in chinese markets naturally has people wondering if this can be the straw that brakes the camels back. But if it is, with all the tongue-in-cheek tones floating around on this, do people really think an event like that will be contained to just chinese markets? I can only think of the people behind the all cash real estate purchases in us markets thinking they need to now flip their recently acquired properties in order to cover a shortfall only to see that everyone else will be trying to do the same…
- streetnigga 13y ago
  "whether or not people were burned by using ZH for trading tips" I never said anything about "trading tips," just that ZH has proven itself to be built upon a pile of rumor mill excrete.
  - cinquemb 13y ago
    >just that ZH has proven itself to be built upon a pile of rumor mill excrete. …that everyone from cnbc reporters, economists, peeps at nanex and billionaires have felt the need on occasion to participate with to varying degrees. So now that's out of the way, what do you really want to add to topic at hand?
    - streetnigga 13y ago
      Well thanks for the inquiry. I think the take on ZH's reporting seems rather correct. If the controls only apply to Citibank then the phrasing of the the article's headliner is a bit much. As for the meat of the subject Citibank has been a laggard[0] entity for some years, after the great recession and all. [0] http://www.google.com/finance?cid=662713 http://www.google.com/finance?cid=662713
      - cinquemb 13y ago
        I think that makes it even more interesting when you think about them in the context of their peers, and considering it has been a cyclical bear market since 2000, would you say this is a one off or a sign of more things to come in general in the current environment in china?
        streetnigga 13y ago
        One of the reasons I expressed bother that ZH didn't link to the report they cited was my lack of view into the China. Heck my best metric is valuation of US stock of a company registered in the US, not it's sister/brother in a different nation. Typically though there is no major divide in reaction to core stability across markets. Not much of a comment on China just Citi, ZH, parent article.