Bank Of China Declares Moratorium On Transfers, Online Banking; Counters Inoperable

Tyler Durden's picture


From Caijing, google translated. We hope the gist of the narrative in Mandarin is far less scary, because if the translation is even remotely accurate, then all hell may be about to break loose in China.

From Caijing: Bank of China, Bank of suspension of transfers morning counters were unable to apply for online banking

Update: 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

Following the ICBC, the Bank of China also go awry again. This morning, the Bank of China Bank moratorium on transfers, online banking, counters are inoperable.

10:00 many, many people began to receive messages sent to the Bank of China, "the end result of the Bank of China Bank failures, bank customers can not carry on through the Bank transfers, please Bank online banking, bank counter or use of other bank transfer system, Bank system will be restored promptly notify you." large number of transfer business banking needs of the people turned to online banking, counter, but according to the instructions of the public still found text messages can not handle.

Reporters call the BOC, customer service said, now silver has been fully suspended phase transfer services, online banking, the counter can not be handled, and now has the background system response, recovery time is not yet known.

As of 12:00, the Bank customer service said handle part of the user's online banking has been restored.

Just yesterday, 10:35, Shanghai and other places ICBC system failures, ATM machines, POS machines, online banking appeared paralyzed more than 50 minutes, all kinds of businesses can not properly handle.

The ICBC bank system failure comes trouble "money shortage", inevitably lead to speculation that many people guess the bank is not money.

To solve this problem, ICBC relevant person in charge told reporters that morning, business process slow, the analysis on the host software upgrade, emergency treatment, 11:27 various businesses all returned to normal.

As for speculation that the crash might be the last two days the inter-bank "money shortage" relevant, ICBC has denied

h/t Sean Corrigan

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Mon, 06/24/2013 - 08:32 | 3686267 King_of_simpletons
King_of_simpletons's picture

Theater and Kabuki by China to unload "Ghost Cities" to  Canadian Real-Estate Investors.

Mon, 06/24/2013 - 08:32 | 3686278 GetZeeGold
GetZeeGold's picture



Actually the banks in the ghost cities are still open.....if you can find anyone in the building,

Mon, 06/24/2013 - 08:37 | 3686309 espirit
espirit's picture

Stuxnet Ver 2.0 - Reprisal for Snowdens free pass.

Mon, 06/24/2013 - 08:51 | 3686368 espirit
espirit's picture

China's not in the game of "hot potato" today?

HeHe. Bad news for somebody...

Mon, 06/24/2013 - 08:58 | 3686399 SRSrocco
SRSrocco's picture

China knows exactly what they are doing. Thats why they will be the largest gold consumer in 2013.

Mon, 06/24/2013 - 09:05 | 3686430 Tortfeasor
Tortfeasor's picture


HK sends Snowden off to the Ruskies. DC responds, through Moody's, but slamming HK ratings. China re-responds by dumping treasuries on the market and shuttering their banks for the day so there can be no retaliation.

Mon, 06/24/2013 - 09:40 | 3686556 cifo
cifo's picture

So, is it war then?

Mon, 06/24/2013 - 09:46 | 3686579 NoDebt
NoDebt's picture

Ground control to Major Tom.  Your circuit's dead- there's something wrong.

Mon, 06/24/2013 - 10:07 | 3686678 walküre
walküre's picture

There's gotta be a liqudity crunch coming to any place where Chinese investors have parked their cash OUTSIDE of China.


Mon, 06/24/2013 - 11:45 | 3687209 fourchan
fourchan's picture

well this explains the long lines for gold, coming to a country near you.

Mon, 06/24/2013 - 12:19 | 3687365 RockyRacoon
RockyRacoon's picture

The translated message sounds like the owner's assembly manual for a Chinese made metal shelving unit.

"Putting nut on your screw and orbit leftwise..."

Mon, 06/24/2013 - 20:24 | 3689258 StychoKiller
StychoKiller's picture

Check out, it hilarious (at times)!

Mon, 06/24/2013 - 12:19 | 3687371 richard in norway
richard in norway's picture

This story is not being reported in the mainstream media at all, does zerohedge have any updates?

Mon, 06/24/2013 - 13:05 | 3687570 TPTB_r_TBTF
TPTB_r_TBTF's picture

the MSM isnT blowing this temporary software problem out of proportion.

Mon, 06/24/2013 - 10:13 | 3686716 swabeyjw
swabeyjw's picture

Extradition fundamentally is based on an action being a crime in the host country. Perhaps China just passed on the oportunity to be something different in the current instances. Was that current instance just crashed?

Mon, 06/24/2013 - 11:30 | 3687113 SAT 800
SAT 800's picture

Houston, We have a Problem. Boy everybody is just full of good cheer and fun times today; alright. I love the "Chinglish" that Google gargles. If everybody is selling everything; where the fuck are they putting the money? I'm going back to bed. Fuck This.

Mon, 06/24/2013 - 13:05 | 3687579 superdave
superdave's picture

Let me correct that for you.  Sum Ting Wong!


Mon, 06/24/2013 - 21:42 | 3689509 WmMcK
WmMcK's picture

Can you hear me (now)?

Mon, 06/24/2013 - 10:31 | 3686812 BigJim
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 China re-responds by dumping treasuries on the market and shuttering their banks for the day so there can be no retaliation.

According to Jim Rickards, this 'dumping' of US Treasuries as an act of financial warfare is a myth - the Fed can choke any such dumping. 

Not sure of the mechanism of this 'choking', though... can anyone throw any more light on the matter? 

Mon, 06/24/2013 - 11:01 | 3686965 HulkHogan
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The FED can just buy up the Treasuries being dumped by China. Maybe that's the 'choking' he is referring to.

Mon, 06/24/2013 - 11:26 | 3687094 NotApplicable
NotApplicable's picture

Sure they can, thing is, is that what they really want today? Don't forget, we live in the age of political capitalism, where pain is valuable, as it leads to cries of "Uncle!"

Casus Belli, Bitchez!

Got Mandate?

Mon, 06/24/2013 - 11:43 | 3687194 Balanced Integer
Balanced Integer's picture

A wholesale dumping of UST leads to a run on the dollar, and the Fed has every interest in stopping that. It would raise the Prime rate aggressively in response, putting the brakes on any pretense of any "recovery" in the American economy.

Guess they would have to pick their poison.

Mon, 06/24/2013 - 11:44 | 3687200 Totentänzerlied
Totentänzerlied's picture

Wag. The. Dog.

Mon, 06/24/2013 - 10:34 | 3686824 Treason Season
Treason Season's picture

From your post, "It is interesting to realize that the Chinese like the Indians are purchasing gold to be used as a dowry for brides during weddings

That is incorrect. Unlike in China, in india, the groom is the recipeint of the dowry. Have to say I have always felt the Hindoos have their priorities right.

Mon, 06/24/2013 - 10:52 | 3686913 CPL
CPL's picture

Every man is truely a golden boy.

Mon, 06/24/2013 - 11:41 | 3687186 SilverRhino
SilverRhino's picture

Yeah Asian cultures are weird.  

  • Wedding: Groom pays 
  • Expenses: Groom pays 
  • Retirement for in laws : Groom pays 


Mon, 06/24/2013 - 11:44 | 3687197 achmachat
achmachat's picture

that's one of the reasons, girls in India are considered "expensive" for their families...

at least, the bride is the caretaker of the gold jewellery.

Mon, 06/24/2013 - 12:48 | 3687475 Things that go bump
Things that go bump's picture

I know a Bangladeshi whose wife left the key to the safe out and the maid stole all her gold jewelry and hot footed it out of town. Disaster! 

Mon, 06/24/2013 - 08:52 | 3686370 rustymason
rustymason's picture

The Chopstux virus.

Mon, 06/24/2013 - 09:35 | 3686538 Kiss My Iceland...
Kiss My Icelandic Ass's picture



"... many people guess the bank is not money...."


Good guess.

Mon, 06/24/2013 - 10:11 | 3686706 walküre
walküre's picture

as opposed to many people guess bank is as good as gold?

do Chinese naturally distrust banks more or less than Americans?

Mon, 06/24/2013 - 14:51 | 3688153 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

The following infographic seems to show that the Chinese tend to distrust banks more than Americans:

It is called "Counting the World's Unbanked".

Mon, 06/24/2013 - 10:25 | 3686769 asteroids
asteroids's picture

Hey folks, the 4th of July is just around the corner. I wonder if a "Bank Holiday" is on the calendar as well.

Mon, 06/24/2013 - 10:47 | 3686891 11b40
11b40's picture

The Chinglish translation is the Bank has no money.

Guess they loaned it all was 'mis-allocated'

Mon, 06/24/2013 - 11:45 | 3687212 KnightTakesKing
KnightTakesKing's picture

Has Jon Corzine visited the Bank of China recently?

Mon, 06/24/2013 - 11:32 | 3687128 SAT 800
SAT 800's picture

Yeah, I would say so.

Mon, 06/24/2013 - 09:00 | 3686417 tallen
tallen's picture

Bank Run in 10....9...8..7..

Mon, 06/24/2013 - 09:11 | 3686450 Number 156
Number 156's picture

Bank holiday in

Mon, 06/24/2013 - 09:18 | 3686468 francis_sawyer
francis_sawyer's picture

Fibonacci retracement in 89...55...34...21..13...8...

Mon, 06/24/2013 - 09:36 | 3686545 BaBaBouy
BaBaBouy's picture

Physical GOLD Bitches !


The USA Attack On GOLD Will Peter Out Soon...

Mon, 06/24/2013 - 10:24 | 3686765 Uchtdorf
Uchtdorf's picture

Would that be Peter Schiff?

Mon, 06/24/2013 - 11:33 | 3687139 Colonel Klink
Colonel Klink's picture

People waking up to the fact that banks, money, and our nation are controlled by the....10....5....23....19!

Mon, 06/24/2013 - 11:54 | 3687266 PT
PT's picture

Colonel Klink:  Roulette wheel?

Mon, 06/24/2013 - 12:12 | 3687329 Colonel Klink
Colonel Klink's picture

Just some random numbers from throwing darts at the board.

Mon, 06/24/2013 - 12:34 | 3687431 pop goes the weasel
pop goes the weasel's picture


Mon, 06/24/2013 - 12:50 | 3687488 Colonel Klink
Colonel Klink's picture

Says made in China, so the number may be a little off.

Mon, 06/24/2013 - 12:50 | 3687485 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

I thought you were going to say "hike!" at the end!?!?!  Can we try that again?

Mon, 06/24/2013 - 12:51 | 3687491 Colonel Klink
Colonel Klink's picture


Mon, 06/24/2013 - 20:30 | 3689277 StychoKiller
StychoKiller's picture

2319?  Then expect a visit from the CDA!

Tue, 06/25/2013 - 09:11 | 3687274 PT
PT's picture

fs: re fib:  +1000 if I could

Edit:  Make that +1597


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