well.... it's command economy but has been run very differently thru out the dynasties... but in recent history it's really the past 35 years or so when it has been fairly consistent open market capitalism... and although the crash calls pop up all the time, they have never really crashed, because of the hard working population that is willing to endure everything.
China Default Thread
- Thread starter Stockolio
- Start date
well.... it's command economy but has been run very differently thru out the dynasties... but in recent history it's really the past 35 years or so when it has been fairly consistent open market capitalism... and although the crash calls pop up all the time, they have never really crashed, because of the hard working population that is willing to endure everything.
Yeah, we're in agreement. Not going to crash unless they default on foreign currency debts http://english.gov.cn/archive/statistics/2015/10/02/content_281475202939874.htm - a measly 510 billion.
They really took the US for a ride man. Even if the internal debt defaults, Winne will put on a speech, they will revalue the currency, forgive all outstanding debts and start again.
They really took the US for a ride man. Even if the internal debt defaults, Winne will put on a speech, they will revalue the currency, forgive all outstanding debts and start again.
Foreign Debt is at 3.5 Trillion ( Including borrowings from HK, Caribbeans and NY ), some estimate 4 Trillion US in Foreign US Debt, don't forget all those short term 1 year swaps they are deeply involved in to prep up Foreign Reserves... Local Chinese Banks sell US Dollars for a vig of 10-30 %, as long as someone getting massive corporate loans in Yuan, they can convert to US and smuggle it out, as you can see from the rampant defaults since beginning 2018, when companies are audited, billions are missing... The second US Dollars enter China, they are already on the way out, why would US issued debt increase to the tune of 70-80 Billion a quarter on paper ( Reality could be 150-200 Billion a quarter ).
Why are State owned companies borrowing in US Dollars like crazy every month when they can borrow unlimited in Yuan like you guys say ? Domestic defaults are gonna Minsky them, it's literally impossible, i mean impossible, that they do not go into armageddon mode by end 2020, by this year end they are in a depression, end 2020 is Argentina Inflation mode, just a sad sad movie. Monetary leadership is dumb, Jinping is retarded.
All of these Financial problems, and they do not have Bankruptcy courts, corporate courts are so small and useless it's a joke, healthcare falling apart big time, very little help if you lose your job, the social environment is extremely under invested and poor... Which they will have to spend on one day, on top of the costs to recap banks and all other problems. Inflation will be on Argentina/Turkey level... Today they came out with article, Chinese government is fire selling the banks and insurance sector, they need immediate cash just not to crumble... Foreign ownership will be unlimited soon, in a communist regime, foreigner owns State Enterprises ? Obviously nobody who values their career will invest there now, due to rampant loses and collapse of Financial System, and widespread systemic accounting fraud, but it goes to show the level of desperation
https://ca.finance.yahoo.com/news/china-unveils-plans-further-open-062034322.html
That isn't a choice they made, it's a decision they had to do. Playing it off as appeasing trump, when everyone who understands what's going on, knows the truth behind the narrative being presented. The CBIRC in August removed some limits on foreign ownership of Chinese lenders and bad-debt managers, following through on a pledge made in late 2017 to amend rules and welcome global players. The latest changes scrap all ownership restrictions, though the regulator will still have to approve deals... Meaning we need Western Money so we can keep entire money losing zombie economy going just a bit longer
https://www.scmp.com/economy/china-...ing-towns-plan-turns-nightmare-investors-amid
But last week’s collapse of a private company behind many of these developments has seen dozens of senior executives detained by police and thousands of investors scrambling for answers, desperate to recoup their money. The sudden failure of JC Group, based in the city of Hangzhou in Zhejiang province, marked another bankrupt fundraising programme in China and exposed the huge risks behind the country’s state-led, debt-fuelled development drive.
There are thought to be 3,800 individual investors exposed to JC Group’s collapse, and while no figure has been put on the expected total losses, the minimum threshold for these investments was set at 1 million yuan (US$148,480)
But last week’s collapse of a private company behind many of these developments has seen dozens of senior executives detained by police and thousands of investors scrambling for answers, desperate to recoup their money. The sudden failure of JC Group, based in the city of Hangzhou in Zhejiang province, marked another bankrupt fundraising programme in China and exposed the huge risks behind the country’s state-led, debt-fuelled development drive.
There are thought to be 3,800 individual investors exposed to JC Group’s collapse, and while no figure has been put on the expected total losses, the minimum threshold for these investments was set at 1 million yuan (US$148,480)
Things just keep getting worst... Even with all the financial fraud on accounting and lying on profits, earning seasons is the worst on record, they are all collapsing... Imagine the actual true numbers, how insanely bankrupt would it be, majority of Chinese companies seem to be going bankrupt and in desperate need of constant loans just to make debt payments
https://www.scmp.com/business/china...li_source=LI&li_medium=home-top-picks-for-you
https://www.caixinglobal.com/2019-0...t-ridden-listed-companys-funds-101410898.html
https://www.scmp.com/business/china...li_source=LI&li_medium=home-top-picks-for-you
Shanghai Zhongyida, a Shanghai-listed machinery manufacturer, was one of five companies that failed to deliver their annual reports before the April 30 deadline.
The excuse offered by Shanghai Zhongyida was that it had been unable to produce its report because all the senior executives, including the chairman, were missing and the business licence, financial books, official seals had vanished.
https://www.scmp.com/business/china...li_source=LI&li_medium=home-top-picks-for-you
https://www.caixinglobal.com/2019-0...t-ridden-listed-companys-funds-101410898.html
https://www.scmp.com/business/china...li_source=LI&li_medium=home-top-picks-for-you
Shanghai Zhongyida, a Shanghai-listed machinery manufacturer, was one of five companies that failed to deliver their annual reports before the April 30 deadline.
The excuse offered by Shanghai Zhongyida was that it had been unable to produce its report because all the senior executives, including the chairman, were missing and the business licence, financial books, official seals had vanished.
Tanac Automation, a Shenzhen-listed machinery equipment maker, took an honest approach when it reported some unusual figures earlier this week.
“I can’t guarantee the report is authentic, real, and complete, because it contains false statements. I suggest investors pay special attention to it,” Gong Lunyong, a board director, said in the company’s annual report for 2018 and again in the first quarter report for 2019. He said the “false statements” were related to the financial figures about a key subsidiary of the company.
Shares in Tanac Automation fell 10 per cent to 24.85 yuan on Tuesday, following the report.
Western Mining, a major metal miner in West China, surprised investors with a sharp turn in its results for last year.
On April 24, it announced it would revise the 2018 figure to a loss of 2.04 billion yuan, compared with a previous estimate that it would generate 100 million yuan in profit. It was also the first annual loss since its IPO in 2007.
The major drag was a 2.5 billion yuan write-off in its investments in state-owned Qinghai Provincial Investment Group, equivalent to Western Mining’s net profit for the previous seven years combined.
The company said the recoverable “equity value” in the investments has been reduced to zero.
Western Mining’s stock has shed 14 per cent since the announcement.
Shanghai Fukong Interactive Entertainment also posted a sudden turn for the worse in the results.
Last week, it revised its 2018 figures and posted a huge annual loss of 5.5 billion yuan, four times its market value, because of the write-down of its assets due to bad debt.
“I can’t guarantee the report is authentic, real, and complete, because it contains false statements. I suggest investors pay special attention to it,” Gong Lunyong, a board director, said in the company’s annual report for 2018 and again in the first quarter report for 2019. He said the “false statements” were related to the financial figures about a key subsidiary of the company.
Shares in Tanac Automation fell 10 per cent to 24.85 yuan on Tuesday, following the report.
Western Mining, a major metal miner in West China, surprised investors with a sharp turn in its results for last year.
On April 24, it announced it would revise the 2018 figure to a loss of 2.04 billion yuan, compared with a previous estimate that it would generate 100 million yuan in profit. It was also the first annual loss since its IPO in 2007.
The major drag was a 2.5 billion yuan write-off in its investments in state-owned Qinghai Provincial Investment Group, equivalent to Western Mining’s net profit for the previous seven years combined.
The company said the recoverable “equity value” in the investments has been reduced to zero.
Western Mining’s stock has shed 14 per cent since the announcement.
Shanghai Fukong Interactive Entertainment also posted a sudden turn for the worse in the results.
Last week, it revised its 2018 figures and posted a huge annual loss of 5.5 billion yuan, four times its market value, because of the write-down of its assets due to bad debt.
Hahaha... They are broke! Winnie the pooh bear isn't happy, he decided to rob citizens
https://www.scmp.com/business/banki...ks-quietly-lower-daily-limit-foreign-currency
The issue was thrust into the spotlight on Friday when a viral video clip showed a bank cashier unable to answer a furious customer demanding to know why she was not allowed to withdraw US$200 from her dollar-denominated account, even though she was within her quota.
The client was so incensed by the refusal that she filmed the incident on her phone at the unidentified branch of China Merchants Bank (CMB).
She also asked why the bank insisted she could only withdraw her US dollar savings by converting into yuan, the Chinese currency. The cashier seemed caught off-guard, unable to address the woman’s questions.
Not only are they refusing to give US Dollars to people who have US Dollars in their banks, they are stripping US Dollars from their people!!!!! Bahaha Banks Bail Ins mother fuckersss. The Bank insisted she could only withdraw her US Dollar savings by converting into yuan, wtf
Welllll when you start jacking the citizens, you know Minsky's Ghost is peaking around the corner
https://www.scmp.com/business/banki...ks-quietly-lower-daily-limit-foreign-currency
The issue was thrust into the spotlight on Friday when a viral video clip showed a bank cashier unable to answer a furious customer demanding to know why she was not allowed to withdraw US$200 from her dollar-denominated account, even though she was within her quota.
The client was so incensed by the refusal that she filmed the incident on her phone at the unidentified branch of China Merchants Bank (CMB).
She also asked why the bank insisted she could only withdraw her US dollar savings by converting into yuan, the Chinese currency. The cashier seemed caught off-guard, unable to address the woman’s questions.
Not only are they refusing to give US Dollars to people who have US Dollars in their banks, they are stripping US Dollars from their people!!!!! Bahaha Banks Bail Ins mother fuckersss. The Bank insisted she could only withdraw her US Dollar savings by converting into yuan, wtf
Welllll when you start jacking the citizens, you know Minsky's Ghost is peaking around the corner
https://www.caixinglobal.com/2019-0...maller-locally-focused-lenders-101411945.html
About 1,000 rural commercial banks that focus on serving their local economies will benefit from the “lower favorable reserve requirement ratio” of 8%, the PBOC said, without specifying the margin of the cut.
The sixth RRR Cut since beginning 2018! Reserve Requirement Ratio of 8 % for Commercial Bank...
About 1,000 rural commercial banks that focus on serving their local economies will benefit from the “lower favorable reserve requirement ratio” of 8%, the PBOC said, without specifying the margin of the cut.
The sixth RRR Cut since beginning 2018! Reserve Requirement Ratio of 8 % for Commercial Bank...