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Insider tip from China...

<SLV>

Platinum Bling
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#1
I do business with Chinese nationals (manufacturers - business owners). Just got warned that USD deposits with HSBC and Bank of China are "at risk." Presumably this is referencing deposits in Hong Kong. This was sent to me as a "hot tip."
 

Buck

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#2
at risk how?

commercial deposits?
 

chieftain

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#3
I'm hearing something similar, the rumour is that USD denominated accounts are going to be outlawed, with the funds confiscated.
 

Buck

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#4
confiscated or converted

one is way worse...

would this / could this indicated a shortage of USD in the mainland? better way to put this:
What's the cause? any suspicions or knowledge yet?
 

<SLV>

Platinum Bling
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#5
I think it has more to do with the subjugation of Hong Kong than any need for USD by the CCP.

One of my business associates recently had his HK checking account forcibly closed by the Chinese government with a mandate that funds be transferred to a mainland bank. Evidently 10,000 accounts at this bank were subject to this order. The accounts were chosen bases on the percentage of transactions outside of China.
 

Voodoo

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#6
I'm hearing something similar, the rumour is that USD denominated accounts are going to be outlawed, with the funds confiscated.
Hmm.... seems like the CCP is starting to feel the effects of Trump's attacks.
 

Voodoo

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#7
I think it has more to do with the subjugation of Hong Kong than any need for USD by the CCP.

One of my business associates recently had his HK checking account forcibly closed by the Chinese government with a mandate that funds be transferred to a mainland bank. Evidently 10,000 accounts at this bank were subject to this order. The accounts were chosen bases on the percentage of transactions outside of China.
I feel bad for those in Hong Kong. Talk about going from best in the world to worst in the world virtually overnight. Ouch. Time to get the F out.
 

chieftain

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#8
Hmm.... seems like the CCP is starting to feel the effects of Trump's attacks.
More like the next part in the tit-for-tat.