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Q: Brace for impact

So I went to my local Bank Of China branch for some routine operation, and discovered the bulk of financial products that seem to have grown in the last weeks. It's not even that I was actively looking to, but apparently the clerks now have a duty to be salesmen for these. Yeah like they weren't slow enough already.

 

Anyway, short to middle term stuff with all kinds of yields, all kinds of guarantees, definitely smells like desperation to leverage cash, and oh boy dare not you think of all the toxic bullshit waiting to blow over, pre-2008 style.

 

And, I repeat, Bank of China, 1st tier city.

 

Look I don't want to be the tinfoil hat guy but honestly, there's a sore morning waiting somewhere in the near future.

 

PS: icniff, I don't care about your dumb copypastas and so does everyone ever. Just don't fucking answer.

5 years 8 weeks ago in  Teaching & Learning - Lanzhou

 
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Thanks for the heads up.

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5 years 8 weeks ago
 
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Thanks for the heads up.

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5 years 8 weeks ago
 
Posts: 62

General

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I genuinely like China....mostly.

 

However I truly believe it is just better to buy a safe when you arrive and shove your foreign and Chinese currency into that, than actually deal with a moronic Chinese bank....when possible.

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5 years 8 weeks ago
 
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Banks in China serves only one purpose, taking care of peoples money. As it turns out, the peoples money is also the CCPs money. 

Even Bank of China, which has perhaps the best reputation of any of the mainland banks, is still pretty dodgy. Just the fact that you can go from one branch to another, in the same town, and get widely different advice/products/service tells a lot about how the place is run. 

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5 years 8 weeks ago
 
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Governor

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Finacing products are not appealing that much these days. Interest rate lowers than before now.

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5 years 8 weeks ago
 
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'Sum Ting Wong' in China.......?

 

 

 

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5 years 8 weeks ago
 
Posts: 924

Governor

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In answer to the 2nd paragraph, yes it does.

And the recently announced ceiling to public debt, if truly executed as stated, sure is not gonna help deleveraging the exposures of the banks.....

Central govt is closing the cash taps, banks are overexposed to local governments, and local governments don't have ways to finance their projects to keep the ball rolling (unless the begin to collect seriously taxes).

At this stage, to keep the whole system going, China needs desperately to be included in the IMF reserve currency board, to vent out potential inflationary pressures (and consequent currency devaluation) to open the tap again to refinance the whole system. Till then, financing money has to come from somewhere, and that somewhere is the pockets of the people.

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5 years 8 weeks ago
 
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Emperor

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Please stop and think about what you are saying. When was the last time you were in a Chinese bank? When was the last time a Chinese bank tried to get money off you?  They don't have to. They already have your money. It is already invested. That's what banks do. They invest your deposits.

 

Lets get this right. It's Chinese growth that is slowing down. It is still growing.  It might be revised down from 8% to 5%, or 4%, but it is still growing.

 

It is the growth that has slowed down. But it is still growing.

 

China is still growing, but not as fast as the west anticipated.

 

So the pension funds, and the Hedge funds are panicking. So what?

 

Have you ever met a banker? I have. We all have. We have all had emails from the financial advisors. We have all seen the adverts for investments on main news sites, thanks to location clicks.

 

The real fact is, growth is slowing in China. But it is still growing. The financial guys who have your money are panicking because they think they wont meet their bonus. But these guys don't just have your private or corporate investments, they also own your Government investments.

 

Your Governments sold it to them. Just the same as China did last week..

 

Meanwhile of course, the CEO's proclaim doom and gloom. Of course they do. Because the drive for profit is pushing salesmen beyond their ability. So the salesmen take the easy route on their visit reports.... the market is slowing.

 

What they should be saying is the market is fine...... you greedy banker wankers are demanding too much.

 

China tried to create a housing bubble based on Western models. But failed because the developers wanted too much.

 

This is not another Fanny Mey. This is an adjustment.

 

 

 

 

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5 years 8 weeks ago
 
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I believe to certain way of thinking, and as example, mr. David Icke. He pointed out the strategy of" governments " to get rid of cash slowly so we all have just the digital currency. Just numbers on screens. It works well in US, in Europe and here too. More and more people pay contactless or by mobile phone. Even my bank card is contactless and I didn't knew until my last visit to McDonald's.

Take it together with the stock hole. People pour real cash and it vanished in digital way. People are hungry for safe storage and growing your money tree, so they Wil eventually fall in some new BS. I can see personally many scams running over the internet, with blind eye approval of govt or police, pouring cash and than company get lost. No way to get it back.

And this will continue. People in debts, with no real cash, what will happen ?

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5 years 8 weeks ago
 
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