China Halting Bank Cash Transfers A Routine Exercise?

The People’s Bank of China ordering commercial bank to halt cash transfers, as reported by Forbes, is a routine system maintenance exercise, according to Citibank China Customer Service. According to Tyler Durden of ‘Zerohedge’, the Forbes report is entirely misleading. Suspension spans three to nine days According to Gordon G. Chang of Forbes, the People’s Bank of China has ordered commercial banks to halt cash transfer and this notice has been put up on the online portal for Citigroup’s Citibank unit for its China customers. Gordon G. Chang notes due to the central bank’s order, there will be a three-day…