The People’s Bank of China , the central bank, has just ordered commercial banks to halt cash transfers.
This notice, for instance, appears on the online portal for Citigroup's C -2.74% Citibank unit for its China customers:
...
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.
http://www.forbes.com/sites/gordonchang/2014/01/26/china-halts-bank-cash-transfers-2/
Comments
More fake news to scare the sheeple, how nice.
ZeroHedge says it ain't so: http://www.zerohedge.com/news/2014-01-26/no-there-no-stoppage-cash-...
CNBC questions it: http://www.cnbc.com/id/101364585
Original article has been pulled.
The bank situation is getting very scary all over.