China says: don't bet against yuan, we're defending it

Pension_Admin said:
Facebook is launching their own cryptocurrency. Doesn't it eventually make it easier for the Chinese to move their money out of the Chinese Yuan?
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Dunno, FAcebook is blocked in China, I doubt buying its crypto with CNY will be legal
 
Pension_Admin said:
Don't they have VPN they can use in China, so they can access to all the banned sites?
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Here's the thing. The CCP shoots people. In the back of the head. Sentences citizens for long stints of hard labor for violating currency laws.

In fact, as of August 2017 Chinese Bank employees and foreign banks are now required to report overseas spending via domestic Chinese bank accounts of over 1,000 RMB (about $150 USD).

It's amazing that there has been such an enormous exodus of cash out of China despite such draconian deterrents. Very telling.
 
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Pension_Admin said:
Don't they have VPN they can use in China, so they can access to all the banned sites?
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Bone is mostly talking out of his ass, above at least, but imo a tiny minority only of chinese citizens use VPNs. Even a few 100yards from HK, in modern and wealthy Shenzhen, my guess is many people don't really know what happened the last few days in HK and have no idea about the extradition bill (I can't really do a public survey, but noticed that was the case with some mainlanders, who DO have a lot of relations with foreigners).
Note that it appears a widely held opinion in China, that one should mind his business but not politics. Not sure why but people from Shanghai seem to be more open to the outside world, and it is usually a much more fun place for foreigners - the chinese I meet here who use VPNs seem to come from Shanghai btw.

Anyway CNY, or onshore yuan, is heavily controlled. A VPN won't allow you to move any of it to buy facebook crypto afaik (there are other ways to move money in and out of the country, it has apparently become more difficult and costly over the last few years, but it is still there).
 
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@luisHK my experience is that pretty much everyone in the younger generation has/is using a VPN. Some of the setups were not plug and play options either, some pretty impressive stuff with Shadowsocks.

FWIW, it was Shanghai.
 
Stockolio said:
I think the media vastly over estimates the narrative of china can endure anything... Once people have tasted the good life, they cannot go back, they are as soft as Westerners now. This ain't the 60s generation, everyone has internet there now, they know what's going in the world, even in Tier 3 cities. Friend's dad came back from Shandong province, it's absolute depression, everything is very slow, high end restaurant everyone used to go to closed down, they told him nobody has money to eat in expensive places. He said you can't withdraw any US Dollars in china right now...Auto sales down 11 months in a row in china, in May down big again... Honda and Toyota only 2 car makers up in May, up double digits! They went from German cars to cost saving Japanese as the new hot commodity, most indebted consumers on earth, by a long shot... The game is over, china collapses hard in 2019, they are currently in a depression, they can't even stop it and they are printing absolute records amount of money, Inflation is running out of control, in 2020 hyperinflation comes with the collapse of RMB, they will have to float, RE prices will crash, poverty and chaos will rule china

Winnie better watch his back, a lot of people are unhappy with his leadership and increasingly hostile in china... When people go broke, they lose their manners
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Anecdotal evidences. I cannot find any recent statistics to support what you wrote? Maybe you can?
 
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