☨St Louis IX opposed paganism, hæresy \x26 debauchery
China Observer
comments
Comments by "☨St Louis IX opposed paganism, hæresy \x26 debauchery" (@stlouisix3) on "Depositor is Helpless: Bank Converts Her 660K Yuan Deposit into Real Estate Bonds" video.
16
😡 Account holders in Chinese banks, including large state-owned banks, are facing issues of frozen bank cards, withdrawal restrictions, and unexplained transfers of funds into financial products or real estate bonds.
00:00
A distressed woman was unable to withdraw her life savings of 660,000 yuan from an Agricultural Bank as it had been converted into a financial product.
00:00
Similar incidents have occurred in Henan and Anhui rural banks, with victims still trying to reclaim their deposits.
00:35
A woman at China Construction Bank found her fixed term deposit had been transferred out of her account and used to purchase real estate bonds upon maturity.
00:49
Account holders faced difficulties in obtaining proof of their transactions as the individual who previously helped them was not an employee of the bank.
01:51
Multiple banks, including China Merchants Bank, ICBC, Agricultural Bank, and Ping An Bank, have been reported to freeze accounts unreasonably, leading to withdrawal restrictions and obstacles.
02:56
📉 Goldman Sachs downgrades several Chinese banks due to concerns over local government debt.
04:11
Goldman Sachs issued a ratings adjustment report on the Chinese banking industry, downgrading 12 state-owned banks and some joint-stock banks.
04:11
Bank of China and China Merchants Bank were given a 'Neutral' rating.
04:30
The downgraded banks include Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of Communications, Industrial Bank, and Huaxia Bank.
04:30
The decline in the Hong Kong bank index on July 5th suggests investors are selling off Chinese bank stocks.
04:47
The report highlights the high level of local government debt carried by the banks, which could lead to asset devaluation and decreased profits.
05:43
🏦 Local government debt in China poses a significant risk to the financial system and stability of the Chinese Communist Party.
07:21
Local governments in China are on the verge of collapse due to the burden of debt and inability to declare bankruptcy.
07:21
Wage arrears for civil servants and teachers do not greatly impact social stability, but unpaid wages for city management and public security could shake the power stability of the Chinese Communist Party.
07:59
Local governments are not afraid to borrow money as the central government ultimately takes responsibility, but substantial defaults on local debt would destabilize the financial system.
08:16
The finance department of the central government does not want to directly rescue bankrupt local governments, shifting the risk onto banks.
08:54
There may be a change of personnel at the People's Bank of China to address the burden of local debt, as finance professionals understand the potential problems it poses for banks and the Chinese economy.
09:49
💰 The financial power in China is shifting away from the People's Bank of China (PBC) leaders to Xi Jinping's confidant, He Lifeng, who controls the Central Financial Committee.
10:47
Current PBC leaders Yi Gang and Pan Gongsheng do not have much decision-making power on important matters.
10:47
He Lifeng, a protégé of Xi Jinping, understands his thoughts better than anyone else.
11:27
He Lifeng is responsible for the establishment of the Central Financial Committee.
11:46
All banks in China are policy banks and must operate according to the needs of the CCP.
12:20
Forcing banks to lend to local governments could have deadly consequences for the banks and the macro economy.
13:17
💰 Using bank loans to repay local government debt in China could lead to significant monetary tightening and a potential downgrade of China's banks' credit rating.
13:36
The entire profit of the Chinese banking industry in 2022 was approximately 2.1 trillion yuan.
13:36
Long-term lending to local governments could reach up to 60 trillion yuan, causing significant interest loss for banks.
13:57
Lending 20 trillion yuan to local governments would tighten monetary policy and hinder lending to enterprises.
14:36
If China's banks face major issues, US capital may react by reducing holdings or making other adjustments.
14:54
Low profit margins and inability to cope with large-scale interest subsidies to local governments could lead to banks' inability to survive.
16:27
💰 The burden of China's local government debt crisis will fall on the ordinary people, as banks may recall loans from them to cover losses.
16:45
If local government debt exceeds 500 billion yuan, banks may suffer massive losses and have to recall loans.
16:45
Chinese commentator suggests locking savings accounts for 20 years to make them practically void.
17:52
The burden of the local debt crisis will ultimately fall on the Chinese people.
18:10
Chaotic phenomena like frozen savings accounts and withdrawal restrictions will become more frequent in major banks.
18:27
3
1