Chinese Banks Running Out of Cash

@FreeHKer ^ | 10/6/2019 | @FreeHKer

[LS]

https://twitter.com/freeHKer/status/1180810938548547584

"China banks are running out of cash in HKD and USD. Maximum withdrawal limit drop from USD1300 to USD38. A drop of 34 times. China financial doom day coming. @Jkylebass @GordonGChang @robert_spalding

[LS]

I almost never post twitter stuff here, but I thought this was significant and hadn't seen it in the Hoax News media.

[JPJones]

A run on Chinese banks...?

[SunkenCiv]

Maximum withdrawal limit drop from USD1300 to USD38. A drop of 34 times. China financial doom day coming. @Jkylebass @GordonGChang @robert_spalding

Thanks LS.

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[Texas Eagle]

Maybe they could ask Hong Kong for a loan.

[broken_clock]

Oh my! Interesting times ahead if this turns out to be true.

[SunkenCiv]

A run on Chinese banks...?

See, if I were not a mature human being, I'd probably make some Chinese fire drill reference type joke here.

[o-n-money]

Maybe they could ask Hong Kong for a loan.

---

or Hunter Biden.

[SaxxonWoods]

If this is correct it will be evident very quickly.

[Fungi]

“See, if I were not a mature human being” Really?

[Pollard]

According to some unknown twitter account that may or may not be Chinese

[CondorFlight]

Is this referring to Hong Kong banks? There has been a run on them due to the emergency imposition.

[richardtavor]

Hoarding. Chinese troops just outside of town...however, cash won’t do much good..

[21twelve]

Next headline: “New home prices in Seattle drop 70%!”

[pierrem15]

Before the current mess, almost USD$3 billion per day was fleeing out of Hing Kong as mainland Chinese used HK to move cash out of China.

The handful of Chinese I've known in the US look puzzled when I ask about capital flight, and say, "Of course we never know what the political situation in China will be, so, just for safe keeping our families move money overseas."

One told me his family looked for industrial assets that basically never depreciated (like German printing presses). They would buy these and put them in storage for a few years until 'cashing' them in as a hedge against risk.

[frank ballenger]

At China Palace King Restaurant tomorrow it will suddenly be "with six you DON'T get eggroll."

((1968 film with Doris Day and Brian Keith))

[LesbianThespianGymnasticMidget]

这是中国工商银行 translates to This is the Industrial and Commercial Bank of China. Industrial and Commercial Bank of China Limited is a Chinese multinational banking company. It is the largest bank in China, and the largest bank in the world by total assets, deposits, loans, number of customers and number of employees. It is one of China's "Big Four" state-owned commercial banks.

[Future Snake Eater]

Next headline: “New home prices in Seattle drop 70%!”

Oh dear God, I hope not. I'm trying to sell my house near Tacoma next summer...

[mrsmith]

HK ATMs were backed up yeaterday, but not today.

This more a long term thing than an immediate crisis IMHO.

[Fai Mao]

“Hoarding. Chinese troops just outside of town...however, cash won’t do much good..”

There are thousands of PLA troops stationed in HK all the time.

But, you are right, if the PLA marches cash won’t do much good. I would imagine that a lot of that cash is being converted into gold or jewelry of type or another that has intrinsic value.

[VanShuyten]

Chinese, especially Hong Kongers, are moving money out of the country in anticipation of direct rule of Hong Kong and weakening economy. It makes perfect sense. I would suspect that precious metal prices in yuan are skyrocketing, too.