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CHINA ORDERS BANKS TO STOP PURCHASING U.S. DOLLARS
- Post by Newsroom
- - Jan 10, 2016
In a stunning move, China has suspended some banks from Foreign Exchange markets and ordered other banks to stop buying Dollars.
China's foreign exchange regulator has ordered banks in some of the country's major import and export centers to limit purchases of U.S. dollars this month, three people with direct knowledge said, in the latest attempt to stem capital outflows.
The move comes as China reported its biggest annual drop in foreign exchange reserves on record in 2015, while the central bank has allowed a sharp slide in the Yuan currency to multi-year lows, raising fears of more capital flight.
The move comes as China reported its biggest annual drop in foreign exchange reserves on record in 2015, while the central bank has allowed a sharp slide in the Yuan currency to multi-year lows, raising fears of more capital flight.
All banks in certain trading hubs, including Shenzhen, received the order recently, the people added. They declined to be identified because they are not allowed to speak to the media.
The total amount of U.S. dollars sold to clients in January for a bank in one of these hubs cannot exceed the amount sold in December, according to the people.
The total amount of U.S. dollars sold to clients in January for a bank in one of these hubs cannot exceed the amount sold in December, according to the people.
"They have asked us to limit our purchase amount and there are targets, but it mainly relates to institutions and enterprises, there is no change to the policy on individuals," said one person.
Officials at State Administration of Foreign Exchange did not immediately respond to comment.
Officials at State Administration of Foreign Exchange did not immediately respond to comment.
China also suspended forex business for some foreign banks, including Deutsche, DBS and Standard Chartered at the end of last year.
While three sources for this story claim they were told that this is an effort to stem the outflow of capital, a different source says something altogether different is taking place: the belief in China that the US Dollar is now worthless and will soon totally collapse as a currency, leaving everyone who holds dollars, broke. That's why China is doing everything it can to shed US Dollar currency. The way it's being done, however, is a "useful guise" for the Chinese to prevent the collapse from taking place too early and leaving them stuck with trillions in useless US dollars.
https://www.superstation95.
China gooit zich op Londense goudmarkt
Dat steeds meer goud van het Westen naar het Oosten vloeit is geen nieuws. De westerse landen zien hun invloed in de goudmarkt slinken, terwijl China steeds meer in de pap te brokken heeft.
Zo ziet de goudbeurs van Shanghai jaar na jaar haar verhandeld volume aan edelmetalen toenemen.
Het laatste opmerkelijke nieuws is dat een Chinese-Zuid-Afrikaanse bank een Londense goudkluis van Deutsche bank wil overkopen. Een goudkluis met een capaciteit van 1.500 ton aan goud!
ICBC Standard Bank is een partnerschap tussen de Chinese ICBC bank en Standard Bank, Afrika’s grootste bank.
De bank is gevestigd in Londen en focust op de grondstoffenhandel. De bank wil het gat vullen dat de westerse banken hebben achtergelaten.
Westerse banken trekken zich alsmaar meer terug uit de grondstoffenhandel. Enerzijds om wille van besparingen, anderzijds om wille van de steeds strengere regulering.
Die regelgeving geldt enkel voor Europese banken, dus onze Chinees-Afrikaanse bank heeft hier geen last van.
Weer een onvoorzien gevolg van de regelneverij van onze politici.
ICBC Standard Bank valt niet onder deze regelgeving en wil toegang krijgen tot het clubje banken die in goud mogen handelen op de Londense goudmarkt. Het bezitten van een Londense goudkluis is dus essentieel.
Momenteel verhandelen vijf banken – JP Morgan, HSBC, Bank of Nova Scotia, Barclays en UBS – meer dan $5 biljoen aan goud per jaar op de Londense goudbeurs.
Deutsche Bank verliet de club vorig jaar, nadat het stopte met de handel in edelmetalen. De overige leden zullen nu beslissen of de aanvraag van ICBC Standard Bank wordt goedgekeurd.
Bron: Reuters
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