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World On The Brink of Having Another Lehman Moment

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InvestmentWatch

 

Bond Fund Outflows Hit Record, Global Sell-Off Is Getting Uglier, China Is Telling The Banks To Deal With Their Own Mess… BIS: Central Banks Can’t Do ‘Whatever It Takes’

Here’s The Message From The People’s Bank Of China That Sent Stocks Cratering

Shanghai shares got crushed last night, and financials were really hard hit.

One culprit: The People’s Bank of China is showing that it’s very disinclined to step in and smoothe over tight liquidity conditions.

Instead it’s telling the banks to deal with their own mess.

Nomura’s Zhiwei Zhang passes allong the message from the PBOC in a brief note

The guidance note stated that “overall bank liquidity conditions are at a reasonable level” and asked banks to “prudently manage liquidity risks that have resulted from rapid credit expansion”, “appropriately contain the pace of loans and bill financing” and “utilize the stock of money and credit to support the economy”. We believe these statements suggest that the central bank’s policy stance remains tight. The decision to put this note on its website suggests the PBoC wants to reiterate its policy stance.
Read more: http://www.businessinsider.com/heres-the-message-from-the-peoples-bank-of-china-that-sent-stocks-cratering-2013-6#ixzz2X8V96Ukp

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.

http://www.zerohedge.com/news/2013-06-24/bank-china-declares-moratorium-transfers-online-banking-counters-inoperable

PAYBACK? MOODY’S DOWNGRADES 9 HONG KONG BANKS

http://www.moodys.com/research/Moodys-takes-rating-actions-on-nine-Hong-Kong-banks–PR_275029

China Shares Tank Over 5% on Liquidity Fears

http://www.cnbc.com/id/100837237

Markets Are Falling, Interest Rates Are Spiking Again, And China Got DESTROYED

http://www.businessinsider.com/morning-markets-june-24-2013-6

US Stocks Seen Lower as Global Sell-Off Continues

http://www.cnbc.com/id/100837794


Read more at http://investmentwatchblog.com/the-world-on-the-brink-of-having-its-lehman-moment-bond-fund-outflows-hit-record-global-sell-off-is-getting-uglier-china-is-telling-the-banks-to-deal-with-their-own-mess-bis-central-banks-can/#pEgS6pwDJWEYAs95.99



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