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Memo to banks: Deal with your own liquidity problems.
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Scooped by Reginald Shipman |
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TheBottomlineNow
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Everyday banking becomes more like a casino with some of these foreign banks. This is like PBOC saying to all the other banks, "You crapped out and now you handle it." As the rest of the worlds investor and financial businesses go WTF. The worst thing for any economy is for the population to lose real confidence in their banking system (which in China is at a low level already.) 90% of china's economy is in underground banking and this not good for a country this size because when your population "aint got no skin in the game," they just become reactors to whatever's put out their. #TheEconomyIsTheMuleAndTheRestIsCartAndCargo