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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King_of_simpletons's picture

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

GetZeeGold's picture

 

 

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

espirit's picture

Stuxnet Ver 2.0 - Reprisal for Snowdens free pass.

espirit's picture

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

HeHe. Bad news for somebody...

SRSrocco's picture

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

http://srsroccoreport.com/step-aside-india-china-will-buy-that-gold/step...

Tortfeasor's picture

Exactly.

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.

NoDebt's picture

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

walküre's picture

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

Think Cyprus X 1 BILLION PEOPLE

fourchan's picture

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

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..."

richard in norway's picture

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

TPTB_r_TBTF's picture

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

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?

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.

superdave's picture

Let me correct that for you.  Sum Ting Wong!

 

WmMcK's picture

Can you hear me (now)?

BigJim's picture

 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? 

HulkHogan's picture

The FED can just buy up the Treasuries being dumped by China. Maybe that's the 'choking' he is referring to.

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?

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.

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.

CPL's picture

Every man is truely a golden boy.

SilverRhino's picture

Yeah Asian cultures are weird.  

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

 

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.

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! 

Kiss My Icelandic Ass's picture

 

 

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

 

Good guess.

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?

MayIMommaDogFace2theBananaPatch's picture

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

http://orlingrabbe.com/wp-content/uploads/2013/06/wpid-km3z4CC.png

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

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.

11b40's picture

The Chinglish translation is the Bank has no money.

Guess they loaned it all out....it was 'mis-allocated'

KnightTakesKing's picture

Has Jon Corzine visited the Bank of China recently?

tallen's picture

Bank Run in 10....9...8..7..6.5.4.3.2.1....

Number 156's picture

Bank holiday in 5.4.3.2.1..

francis_sawyer's picture

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

BaBaBouy's picture

Physical GOLD Bitches !

 

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

Uchtdorf's picture

Would that be Peter Schiff?

Colonel Klink's picture

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

PT's picture

Colonel Klink:  Roulette wheel?

Colonel Klink's picture

Just some random numbers from throwing darts at the board.

StychoKiller's picture

2319?  Then expect a visit from the CDA!

PT's picture

fs: re fib:  +1000 if I could

Edit:  Make that +1597