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How is this different from declaring a bank holiday, as US did during Great Depression to stop the run on the banks?

likesmart

I think that is the point. If they are adopting pre great depression strategies, that suggests that a great recession-esque crisis is around the corner. Will definitely spook the markets.

My parents actually told me our local banks recently don’t take large deposits (another way of negative interest?). China has very high saving rate. Gov is more trying to get people spend the money. The site is bs

like

Yes there has been a $50k per year currency exchange quota for several years now. Overseas withdrawals with bank cards are limited to $15k

smart

“The rumours about the collapse of the Chinese economy and its financial systems have started a rush to withdraw the deposits.”

Wait I thought China’s economy restarted, and COVID was gone. What could possibly have gone wrong?

These fears of Chinese banking or economic crises seem to circulate every few years and just are generally unfounded

Not the first time they have implemented capital controls. I wrote an article back in 2015 about something similar, believe back then the limit was $50K

The capital control has always been there. They actually loosened it in early 2000s. Before it was a log worse. But inside the country China wouldn’t really care what people do with money

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