A run on Chinese banks...?
Maybe they could ask Hong Kong for a loan.
Oh my! Interesting times ahead if this turns out to be true.
If this is correct it will be evident very quickly.
According to some unknown twitter account that may or may not be Chinese
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.
HK ATMs were backed up yeaterday, but not today.
This more a long term thing than an immediate crisis IMHO.
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.
-PJ
If this were true, gold would be up $40.00, not $4.00.
Nothing about withdrawal limit changes.
Not sure if this is a good thing. They own $1.5 trillion of the US debt, or like 19%. What happen when they say “Pay us, NOW!”
Thanks, this is big news.
They survived Dub OK since they threatened to cut off money for Iraq and Afghanistan if Dub didn't let them run the bureaucracy so they could promote their people everywhere. Trump, however would have been tickled pink for them to cut off funding for both so they didn't have anything to hold over him. Hence, Russiagate and now Ukrainegate made up from thin air.
The democrats want the same power over the people China has, the serfs owe everything to the party from permission to have a child, through their job, and the right to stay alive rather than having their valuable organs taken. Now, Trump put tariffs on China and it's a critical time in the long term plan. When you see industries moving out of China and many of them returning to the US, the whole democrat plan to establish a one party state in the US like the one in China is in jepordy. China is a house of cards. The elite of the party actually own all the companies there and big chunks of the US companies that operate in China, as long as they operate in China.
Hong Kong is essential to the money scam in China, that's why the HK dollar still exists rather than the change to RMB having already taken place. Hong Kong is in the midst of a color revolution whether the US is running the show or not. I suspect that the few CIA people who are loyal patriots are in charge of whats going on in Hong Kong to increase the speed at which the tariffs bite and undermine the usefulness of HK to the Chinese leadership. Hopefully there are a few more loyal patriots available to pull the right strings and unravel the whole Ukrainegate farce.
Schiff probably isn't on the Chinese hit list but I'd bet there are one or two of his big money backers who are sweating and worried. Could be that if someone unwinds how Schiff (current chairman of the Intelligence committee) is tied to China and you'll find the reason for so much classified materiel flowing straight to China just a quickly as if flows to our own servers. Not because Schiff has been responsible for any great length of time but because Shiff seems like the type who would sing like a canary if caught.
As riled up as the "permanent government" is, (feeling so powerful they can promise to put a knife in the back for the President), what are the odds of someone breaking ranks and outing all the people beholden to the Chinese? I hope I'm wrong, but looking back over the years I'm not optimistic about those odds. A lot of people well known within their fields will be dying in the next month or so. How many of them are not Chinese will be interesting and informative.
JMHo
I am sure the Chinese can print more currency.
Just a Hong Kong thing (HK has it’s own central bank/banking system separate from mainland China).
https://news.rthk.hk/rthk/en/component/k2/1484658-20191006.htm
https://www.marketwatch.com/story/guid/FB4F6788-E88C-11E9-AB27-C15AE00E0BA9
https://www.hkma.gov.hk/eng/news-and-media/press-releases/2019/10/20191006-3/
06 Oct 2019
HKMA clarifies rumours on withdrawal regulation
The HKMA noticed rumours about HKMA implementing a new regulation to cap the daily amount of cash withdrawal from banks. The message is totally fake and unfounded.
The Hong Kong banking system is robust and sound. Banks have sufficient supply of banknotes to meet the needs of the public.
The HKMA urges the public to be vigilant about malicious rumours and verify information carefully.
Hong Kong Monetary Authority
6 October 2019
