This page has been archived and commenting is disabled.
US Banks As Broken As Ever: JPM Excess Deposits Rise To New Record; Loans At Pre-Lehman Levels
The final item of note from today's JPM release is perhaps also the most important one, and once again serves as evidence of all that is broken with the US financial system. To wit: deposits held by JPM rose modestly to a new all time high of $1,202,950 million, or $1.2 trillion. This compares to $970 billion in Q3 2008 at the time Lehman failed. What about the flip side of this key bank liability: loans. As of June 30, 2013, total JPM loans declined from $729 billion to $726 billion, the lowest since September 2012. But more disturbing, this number is $35 billion less than the $761 billion at September 2008. It means that JPM's excess deposits have now risen to a new all time high of $477 billion, up from $474 billion last quarter.
Why is this a problem? Two reasons.
First, as most recall, the way the JPM London Whale office was funded, was by using excess deposits over loans to provide the dry powder and collateral which which Bruno Iksil's office tried to corner the IG9 and high yield markets.
That failed, costing the firm $3.4 billion in Q2 2012 revenue (and oddly enough the CIO generated negative $648 million in revenue this quarter: the biggest loss since the London Whale quarter - what else did JPM blow up this time?). But the bigger issue is: what is JPM investing all this excess cash in? Is it plain vanilla safe treasuries? If so, where on the firm's books is this nearly $500 billion "investment" accounted for, and where is the loss associated with holding so much duration on the bank's balance sheet over the past two months?
Second, and just as important, while JPM continues to attract deposits, most of which are merely a matched book entry to account for cash created by the Fed's excess reserves, where is the loan growth? After all the banks are complaining they can't be like normal banks. Perhaps instead of perpetuating a broken banking model, in which deposit funding is used not to grow credit money and be reinvested into the economy as loans, but goes automatically into risk assets, JPM can once again start doing what banks have done for hundreds of years: LEND.
Because while deposits have increased by $233 billion since Lehman, loans have dropped by $36 billion since September 2008! And that's why there is no wholesale (soaring) inflation: the cash deposits are locked into boosting the S&P, instead of growing the economy and broader credit money aggregates.
We understand that JPM generates better returns for its shareholders by simply gambling in the market and using deposits to buy stocks, but at some point this strategy will fail and lead to huge losses. Is Jamie Dimon, who today told CNBC "you'll be surprised at how risk averse we are" simply betting that due to his TBTF status, that he will be bailed out once the market finally does crash, dragging down over a trillion in deposits with it?
Or is that simply when the bank "bail in" regime will finally arrive in the US?
»
- 14588 reads
- Printer-friendly version
- Send to friend
- advertisements -
Crude about to bust through $110 and interest rates trending up.
This is fascinating
Lets break the banks together!
A grass roots movement called The Silver Pledge is an effort to beat the banks at their own game by having investors join up and buy physical silver - together we can break this market!
You can read more here:
http://www.communitysynergy.com/subscribe/silver_pledge_site.html
If you dont like it dont sign up - but for people who are sick of sitting and doing nothing at least lets work together to BREAK this silver market and thus break the banks stranglehold on fiat
I'll give you one thing, you are really fucking persistant.
3:30 ramp TEN minutes behind schedule....but better late than never!
Silly Tyler, one does not lend in a ZIRP-world. One uses "reserves" to support their partners in crime.
lol
Hey we all work for something - I want to work for a new currency system
So how many have signed up? Don't get me wrong, I like the concept, but the sign up form scares the shit out of me.
http://www.communitysynergy.com/subscribe/ ...
Hint: turn off directory indexing. Lots O' Interesting sites there.
You don't understand JPM's business plan, Tyler.
It's like Vegas. When you lose, you just double your bet, and role the dice again. Sooner or later you'll win.
What could go wrong?
Aaaand it's gone..
http://www.youtube.com/watch?feature=player_embedded&v=-DT7bX-B1Mg
more like, scared is as scared does.
What can go wrong. Just call customer service. They will handle it
I made buying silver a habit, so I won't pledge but I support the idea. I bought some this week and in 3 weeks I'll do it again.
Thats the concept - you dont need to sign on the list. But this is a way to join together and by being together we can encourage each other.
Plus I give away free silver (out of pocket) every month - so it doesnt hurt
remember, your pres told you this is a sign of a strong economy :)
How so? I don't have a pres.
Fonz, you still think the Fed has control of things?
BB is pissed he can't get rates to go down...no matter what he utters.
But Jamie D. doesn't care about raising rates....JPM will just be fine.
I am agnostic on interest rates right now so I still think he has some control. If they push through 2.7% again I will be surprised. That being said I see them trending higher, but between mortgage related issues and crude oil, I think we are heading towards a terrible gdp print and moar QE.
Nothing makes sense.
It looks like china's gdp is going to be shit sandwich, but everyone knows that already and crude is still heading north. No one really knows why.
Crude is heading north..., because we have a few trillion of momo money sloshing around?
It could easily be that simple, and that stupid. Squeezing a balloon.
All of Benji's huffing and puffing got the 10yr to 2.60%. In today's highly leveraged world that is unacceptable. They will push through 2.7% on their way to 3% soon.
He lost control of the one market he wants to control the most.
He will try to do something that will end up making it worse.
Things don't make sense when markets are manipulated like this. Prices lie. People are getting caught offsides.
I want to agree with that pretty badly. It makes a lot of sense.
Toothpaste is out of the fucking tube...your words not mine
Believe it because it is true
I do think it is out of the tube. Fucking stawks have laughed in my face since I said it. I feel like I am half right and yet still half an asshole.
No, you're just not trying to time things perfectly like the true assholes.
Good point.
Ben's been so lucky for so long, we tend to forget that, at the margin, no one wants reward free risk.
Eventually, you run out of stupid.
@fonzanon: ... "nothing makes sense".
Agreed. But what should one do when nothing appears to make sense? Stick to time-proven basics. Which ones? Well, how about...
1. "When things appear not to make sense, we are either lacking key information, or are using an inadequate or wrong model." - my view
2. "When fraud is rampant, possession is 10/10s of the law" is what LoP would say, I believe.
3. When you cannot proceed on a robust model, reliable info or on trust, use 1 & 2 above, plus "diversify in asset classes & geography" - my view
"All else seems like Quantum Economics at this point", to coin a phrase. Test the Uncertainty Principle at own peril.
the gov can controls the paper market but at the cost of double killing the economy and dollar avoidance by the world
USD world currency status is at stake.
Something will be happening extremely soon, by executive order, not because of the market
ekm you think we are going to get a crash and you think interest rates have to go up right?
If we gate a major crash, you don't think treasuries won't be massively bid, sending yields....i don't know...sub 1%?
The only way you get a crash and yields rise is if the U.S dollar crashes and if it does that is the end of the end. That is massive inflation and you don't get cheaper housing or a breather for the economy.
How do you reconcile a crash and rising yields at the same time?
USTs are purchased at 1.5% margin and 98.5% leverage.
When the margin call is made (executive order), leverage will suck money into ..literally nothing, hence forced sale.
However, the money moving hands will bid short term USTs since there's nowhere to go, so it will be volatile
reposting copy/paste
Seeing how 10yr yield collapsed from 2.52 to 2.60 in 2.5 hrs, the end is near, and all preplanned
1) The Fed has to buy bonds
2) Repo market needs the same bonds to be pledged as collateral
Hence,
either yield skyrockets thus imploding derivatives and triggering margin calls, since UST are bought at 1.5% margin and 98.5% leverage
or. repo market ceases to function due to shortage of collateral, hence collateral calls.
Current reality:
- margin calls
- collateral calls
- crude oil super inflation
- extremely expensive Dow, S&P (overpriced by 100%)
- extremely expensive housing (overpriced by 100%)
- high unemployment
- China imploding due to politburo infighting
It cannot get any worse than this, unless civil war in USA.
Collapse imminent, not because of market, but because of executive order, same as in 2008.
The collapse will fix the debt ceiling issue, easy peasy.
"The collapse will fix the debt ceiling issue, easy peasy"
define fix? How is 17 trillion in debt going to get fixed?
"Debt ceiling", not extinguish the debt itself
correct
This comes back to the same idea though. If some big banks go bust, are you going to bail them out again? Or let the depositors lose their ass. Because if you let depositors lose their ass, you get the mother of all bank runs and this morphs into something more.
No easy way out, for sure. That's what makes it possible to enjoy some schadenfreude before the event even occurs!
I meant that there won't be a fight over it, due to the collapse
they'll agree somehow to extend it let's say for 1 year
thats what they been doing the past few years...its just kicking the can a bit further down the road...been there done that...
Thanks for the warning. I wont be home that day. Robidoux suggested i head due west where the sun sets. Turn left at the Rocky mountains
Hey fonz, ultimately in a collapse I think you get a huge spike in the $ and in bond prices initially. [Global safeheaven flows]. If it's a massive sustained crash then bonds and the $ cave in, and commodities skyrocket. Over the last month yields continued to rise and the $ continued to strengthen. Lot's of times investors sell bonds just to hold cash, which increases cash demand and value.
That is the only way I see a global crash playing out Yen, unless we are talking about the big one. The big big one, and I don't know that we are there yet.
There's no such a thing like "the big one".
The big one would be another bretton woods after ww2.
It is going to simply be few primary dealers going dust
No biggie, it's catharsis, nothing to worry about.
It's good for the economy
See my point above. If a few pd's go bust, you gotta bail em out, all over again. If you don't, you risk a bank run. Even if you do, you risk a bank run.
and yes the big one is still out there, it's the day rates go the wrong way and everything the fed tries to do/say only exasperates it.
no bank run on the street, the gov can can force that
bank run will happen in the repo market, same as in 2008
So you are sying capital controls?
Cyprus?
That's no big deal, and good for the economy?
No, what I'm saying is that the printed money claiming commodites will disappear, hence crude oil and commodities will be available to the real economy for consumption
hence, economy restarts
I have to run. If there is one thing I know for sure, it's that we will continue this conversation.
hence, the marginal cost commodity producer is gone. Hence higher prices.
Costs are manipulated by false accounting.
Plus, price defines costs, not vice versa
I agree that reserve currency status is at stake, but 2 questions/issues:
I dont believe a replacement is ready YET.
And I dont believe there is a thing the pres can do to stop it when it is.
no replacement, just currency swaps between countries
it is currently happening
The same people that own the Fed hatched the euro. World reserve currency status will be taken taken away at their behest.
there is a civil war between hyper elite, due to leverage.
some lost in 2008 preplanned collapse, some others are about to lose now
it's gonna be bloody
so you are saying most of us play the roles of humans in Aliens vs Predators? meaning there's a battle waging on between the elites that we were unfortunately dragged into and there is nothing we can do about it except stand and be devoured alive?
Then what do you suggest we do to prevent or minimize the pain from becoming 'collateral damage'?
unfortunately...nothing
"Then what do you suggest we do to prevent or minimize the pain from becoming 'collateral damage'?"
Move to a farming town away from major metro areas, particularly in the mountain standard time zone.
This is where I am conflicted with ekm's message. He is saying that what is coming will be good for the economy. Yet we will all be collateral damage and there will be blood etc. There is nothing we can do...
If I get wiped out financially, and on the flip side, gas prices drop $150 a gallon and interest rates somehow go up, I don't chalk that up as a win.
Think of it like mafia.
When families cooperate and expand as long as the pie expands, they do well, people suffer
But, when the pie shrinks, families start fighting against each other, thus eliminating each other, thus good for people.
The blood will be among super elite since now the pie has shrunk and winners and loser will be declared. That is good for us since pie will be available for us
This is world history. There's nothing new under the sun
When families fighting over the smaller pie eliminate each other, don't the winning families just end up taking the rest of the pie?
Meaning, using your theory, we keep eliminating PD's and eventually end up with say....JPM as the only bank in town, owning everything....or said another way.....full soviet?
no, few of them will get to a truce, because the big guy on the table are not really banks, are the military industrial complex guys who had enough of them banks
Cyprus makes more sense...
you heard jamie - the economy is smokin hot, bank loans are flying off the shelf and, to reassure you of these facts we slash gdp estimates
"US & Western governments as broken as ever" is more like it...
Ed Snowden’s statement and request for Russian asylum
http://rt.com/news/snowden-meets-rights-activists-013/
Here is the text of his statement: http://homment.com/Snowden-statement
In recent days, a number of ZH bloggers have speculated on his whereabouts, because of the lack of pics that Americans are conditioned to having (almost on demand). As I indicated, the simple reason is/was: He went deep under cover and had professional help – for obvious reasons. I hope that this puts the minds at ease for all these… ‘wannabe analysts’. You can take some friendly ribbing, right? Who’s your daddy? ;-)
I got in touch with a strategic development guy at Wells Fargo at the beggining of the year to see if they were interested in acquiring a $3B asset bank. He said they couldn't look at it right now because they have way to many deposits. He then asked if I had any loan portfolios for sale. My bet is they are trying to buy up as many loans as they can (most likely acquiring a lot of shit) just to make their ratios moar normal. We are not living in normal.
Excuse my ignorance but what is an asset bank? I suspect your post is an eye opener but I want to understand it fully. Thanks.
Excuse my short hand. Just a bank with $3B in assets. Regular commercial bank (deposits, loans, etc.) with around $3B in assets. Just mentioned that to give you a sense of the size of the company I was talking with them about.
Maybe because he knows every FDIC takeover has grossly overstated assets? Ask him if HE owns any silver. :}
Of course banks are broken. If consumers are broke and society is broken, what do we expect banks to achieve other than vacuuming any remaining wealth out of the system?
And that vacuuming is going on full pelt as banks acquire more and more controlling interests in various large enterprises. The enterprises themsleves, in a bid to grow and survive, have been squeezing out the self employed entrepreneur as evidenced a record low percentage of self employed people.
The banks will sooner or later vacuum so much of the wealth that consumers will have not only no means of borrowing more but will also fail to pay off their debt. When that happens we will see inter-geenrational debt in families spike. Gone will be the days when the family home could be paid off in 10 years. We will now see the grandchildren paying off the family home by which time it will be due for demolition and re-building.
Great post and mirrors my thoughts to a T.
That would be banks in 100% survival mode though. No way they'd able to perpetuate and increase debt in that type of environment.
"[...] Cheap money will not induce manufacturers and merchants to increase their borrowings in an unsatisfactory business situation, Dr.Anderson declared. He cited the figures for commercial loans as reported by member banks of the Federal Reserve System in support of this contention.
But if merchants and manufacturers will not use cheap money, he said, speculators will. They will use cheap money in buying stocks, for the prospect of capital appreciation. Security loans of the reporting member banks stood on April 2 at the highest point in history, with the exception of the stock slump period ended Nov. 13 last and the year-end week ended Dec.31. [...]"
-Dr. Benjamin Anderson, Quoted in the NYTimes, April 13, 1930
This time is different. Lol.
monthly wtic triangle BO; USO well above 37.17 - weeklies look nice
Why would a bank lend money?
Why would a bank lend money......to anyone than itself?
When money is being fed to me for free, from something/someone else.
same as it ever was(2007).....GS, MS, C, JPM, and large connected HF's slowly accumulating Crude futures and derivatives(control over REAL ASSETS):):)
it will be blamed on S/D, inventory, delivery chokes, pipeline chokes, planned refinery maintenance, un-planned refinery maint.
What it is NOT: ECONOMIC GROWTH=GDP
the NG market is lit for a blow-out into double digits....guess who is sitting on all those 1.98 contracts?:):)
http://investor.shareholder.com/JPMorganChase/releasedetail.cfm?ReleaseID=390330
June 17, 2009
JPMorgan Chase Repays $25 Billion In TARP Funds In Full
New York, June 17, 2009 -- JPMorgan Chase & Co. (NYSE: JPM) announced today that it repaid in full the $25 billion preferred stock investment it accepted through the Troubled Asset Relief Program (TARP). In addition to this principal amount, JPMorgan Chase has paid the U. S. Treasury an aggregate of $795,138,889 in dividends on the preferred stock, including dividends that had accrued through the redemption date. The company will also notify the U.S. Treasury today of its intent to repurchase the 10-year warrant issued to the Treasury in connection with the preferred investment.
JPMorgan Chase is a leading global financial services firm with assets of $2.1 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan, Chase, and WaMu brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
Korn - Blind
no really, it's just escape-velocity finally being reached ...
"you'll be surprised at how risk averse we are"
This is a smart ass remark by Dimon because he was indicating to himself when he said it that he owns Eric Holder and is the main conduit for DHS funding. Somebody needs to call the police on him.
Three major Western banks are under constant threat of failure overnight, every night, forcing extraordinary measures to avoid failure. They are Deutshe Bank in Germany, Barclays in London, and Citibank in New York. Judging from the ongoing defense from prosecution and cooperation (flipped) with Interpol and distraction of resources, the most likely bank to die next is Deutsche Bank. They are caught with accounting fraud and outright financial fraud over collateral shell games, pertaining to USTreasury Bonds, other sovereign bonds in Southern Europe, and OTC derivatives linked to FOREX currency contracts. D-Bank is a dead man walking.
http://news.goldseek.com/GoldenJackass/1373659200.php
New
http://www.bloomberg.com/news/2013-07-10/reits-deepening-bond-losses-as-leverage-forces-sales.html
Avenue Of Growth Through
LBO's And Privatizations In
The Wake Of Monopolized Monetary
Policy And Fiscal Too As To
Banking?
And When A Famous Commentator
(Oh, I'm at Zerohedge: CNBC removed the
video, but it was the guy who had the
over the top episode while being
interviewed by Erin Burnett. In view
of the removal, I have to say this is by way
of my best recollection, which may be
imprecise or totally inaccurate.)
Says An Alternate Path Beyond
Recapping Or Even The Resolution
Trust Cp., Which Was Still Socializing
The Cost, Not The Proft, Says
"Socialist," That's The Ultimate In
Disengenuous Childish Demon Word
Slinging. There's Nothing More
Statist Than Socializing The Cost
And Applying Simpson-Bowles Policy
To Programs Ostensibly Broadly
Bootstrapping Or Providing Safety
Nets But Tapping Out When There's
Nothing Left To Give
Market Controllers.
Here's The Med Care Equivalent Of
The Transfers To The Bank, The Latter
Which I'll Leave Others To Enumerate.
However, What Actually Supposedly
Established European Primacy Over
The Post-Liberal Middle East Was The
Recognition Of A Monarch, Prussia's
Frederick II, That Even He'd Be Better
Off Allowing Dissent. Not Allowing It
Today's Fragile, Not Anti-Fragile, Need
I Say? Though I Only Use, In My Own
Doings, Anti-Fragile
In A Guardedly Market Informed
Manner. Processes Inform Would Be
Absolutes, And Most Causes Of Medical
Need Couldn't Give A Damn About
Incentives. But Market Can Sure
Be Combined With Process Understood
To Make That Need Manageable While
Satisfying Patients, While Also Making
Doctors, Nurses And The Whole Health
Team, Unfettered-Efficient And Happy
Campers.
The Latest
On "Medicare Advantage."
http://www.pnhp.org/news/2013/may/Private-insurers-Medicare-Advantage-plans-cost-Medicare-an-extra-%2434.1-billion-in-2012
Here's The Administration's Yet
Newer Act As To Medicare.
http://www.pnhp.org/news/2013/april/obama-administration-intervenes-to-give-715-billion-to-overpaid-for-profit-medicare-
The Reason The Banks Are Flush
With Cash Is Those Transfers, The
QE'ing Of The Mortgage Securities,
The "Loss Sharing" (Your Share,) And
The Reason For Having Had Little To Do
With The Money To Date Is The
Liquidity Trap (From 0, Or Real Neg.
Rates, It Can Only Later Require Less
Principal For Comparable Return)
Created For Their Pleasure In
The First Place.
Simpson-Bowles Ad Infinitum Doesn’t
Work. There’s Ultimately Nothing Left
For The Elite To Take.
That’s The Whole Idea Of The ‘08 Crash.
Batra As To ‘29: Elites Ran Out Of People
To Make High Returns Off Of. Fast Forward,
Risk Sold, Insured, Shorted.
Medicare At Its Outset Was National Health
Insurance For Unwanted Customers, Amtrak
Having Been Created When The RR’s Didn’t
Want To Compete With The Early Growth
Phases In Highways/Airlines.
What could be wrong? I see BB's "green shoots" and Obama's "Putting America to Work with your tax dollars" ditch digger signs up and down my local freeway.
What this tells me is that there's never been a better time to break up the banks and return depository banking to simple warehouse game they always have been and should be. You could end fractional reserve banking using on demand deposit accounts and then show everyone that their checking accounts are at least the one true safe haven. They don't even show up on the balance sheet of the banks.
Everything else would be fair game to lose everything.
This is not a sign that banks are broken. This is a sign that the consumer is deleveraging and continues to shun debt (outside of the student loan idiocy, which is quickly becoming the government's game anyway).
Alas, they're probably just stuffing liabilities off balance sheet anyway, so let's not get our hopes up.
Just to get this straight
I thought that money created by the FED and "given" to big banks was used only to prop up their capitalization. This explanation was in accordance with the fact that inflation is low due to low lending.
Does this mean that the FED-money would be kept as reserve cash/capital (i.e. aiming to lower the capital/loans ratio), OR that it would be invested?
The article asks "what is JPM investing all this excess cash in? Is it plain vanilla safe treasuries?".
In other words the article accepts that the FED-money would be invested (although it doubts the wisdom of the investment). So i conclude that the answer to my above question is that such money is to be invested.
In addition: the article asks "where is the loan growth?" But how can a bank BOTH invest in securities and assets and loan the same money? Aren't bying assets and loaning, opposite parts of the balance sheet?
"Or is that simply when the bank "bail in" regime will finally arrive in the US?"
"risk averse" bitches!!
They haven’t lent because of the very
mechanics of their own bailout: the
liquidity trap (explained at ZH one or
2 days ago.)
Most simply, from 0 or real neg. r’s
affording free reserves, there’s ultimately
only one direction to go: up.
It takes less principal for comparable
return then.
Hence, this, long ago already.
http://www.bloomberg.com/news/2012-07-09/dealers-decline-bernanke-twist-bids.html
People who SOLD their bubble got some/most/all equity out
of their homes. The int inc on that vs. rent, all after taxes,
is a prime own vs. rent decision input.
That income was ripped off.
Even a resolution trust cp. type solution would STILL
have been a pvtz the profits/sclz the costs solution
where the thrift, it’s decided, will remain.
(Of course equity holders and depositors are
two different animals, but it’s the depositors
whose int inc has been blanked out, whose
balances get whacked by dollar debasing, and who’ve
had moments fearing getting Cyprus’d.)
It at least would have been faster doing a resolution
trust thingy (even just taking the cost/losses off the
equity holders’ hands) and thus would’ve avoided
now 5 years of TBTF monopolistic monetary policy.
The liquidity trap’s been so dominating that it’s really only
now that the Beveridge Curve matters.
It’s Job Openings Vs.
Unemployment Rate, A Measure
Of Market Efficiency And Sensitivity,
Which Can Reflect Uncertainty, But
The Basis For That Can Be Read Wrongly.
I Think It’s Reflecting Not Uncertainty
Caused By People At The Receiving
End Of The Blame Game, But The
Expectation Rates Will Rise.
That The Liquidity Preference
Reflected Only Makes Sense In The
Presence Of Uncertainty Is
Confirmed By That Very Expectation,
In Turn Confirming John R. Hicks’
Commentary As To Uncertainty.
Naturally, Those Who're Falsely
Blamed Are Simply The Vulnerable.
The Elderly, Kids Seeking A Good
Education, People Suffering At
The Hands Of Corrupted Policy
Making And The Socialization Of
Just Cost, And, Whomever The
Scapegoating Of Whom Appeals
To The Needs Of Those Who
Need To Look For Fault, Though
Humans Suffering Frailties, Incl.,
The Control Freaks Themselves,
Find Friends From All Corners.
When Contemplating How Congress
Used To Blame The Yuan And Social
Security And Medicare For America's
Problems, Think Mainly About The Policy Of
Hand It Over That's Been Aimed At
Everyone Who Sold The Bubble And
These.
http://www.bloomberg.com/news/2013-07-04/toronto-reviews-bid-to-become-yuan-currency-trading-hub.html
http://www.bloomberg.com/news/2013-07-06/switzerland-will-join-race-to-be-trading-hub-for-china-s-yuan.html
The Above Really Also Applies To The IS/LM Curves
Because The Trailing Of The Investment/Savings
Curve Simply Gets Reflected By The Entirety
Of Investors, Including The Ones Interested In
The Yuan In Toronto And Switzerland.
http://bankimplode.com/