The dragon begins to fall…
https://finance.yahoo.com/news/china-province-orders-checks-big-093000157.html
China has launched a pilot programme in the northern province of Hebei requiring the public to apply for approval if they plan to make large cash deposits or withdrawals at commercial banks.
The regulation comes after a series of bank runs in the past year at debt-laden small lenders and as an unprecedented pandemic-related economic contraction starts to take a toll.
From July 1, residents in the province will need to provide information about the source of deposits or the purpose of withdrawals for transactions over 100,000 yuan (US$14,162) for individuals, and 500,000 yuan for corporations, the state-backed China Securities Journal reported last week.
Applicants will have to give one day’s notice to the bank to make a withdrawal of this size or larger, and gain the branch’s approval of the registration information, the report said.
The pilot programme will be expanded to Zhejiang province in the east and the city of Shenzhen in Guangdong province from October 1, affecting individual account transactions of more than 300,000 yuan and 200,000 yuan, respectively.
FWIW, I have zero invested in China funds and zero in “emerging market” funds (that tend to have a big Chinese component).
What with the EU headed for a financial crisis now that the UK money has left the budget, Africa in social turmoil and afflicted with Chinese takedowns via debt trap diplomacy, Brazil headed for a Chinese Wuhan Covid virus stumble, and other odd markets having similar issues, IMHO, money is best kept in the Anglosphere for now (and has been for a while). UK, Australia, New Zealand, Canada, USA, and perhaps India (need to balance effects of uncontrolled virus vs companies relocating to India out of China).
Musings from the Chiefio 
Sounds like the air is leaking out of their balloon or balloons. With the Hong Kong crack down money will really begin to flee the country and the banking system is grossly over leveraged. This is not a good time for China to have problems with their prime customer, the U.S. to greatly reduce it’s purchase of Chinese made goods. The World now blames them for the WuHuFlue and their arrogant and heavy handed behavior.
I would say that the Chinese CCP dream of becoming The World Super Power is about to collapse.
Members of the Democratic Party in the USA are trying to create similar social and economic issues, as found in Venezuela, Mexico, and China. They blame Trump for the woes of those countries. Getting rid of Trump is their solution of all the World’s problems. TDS is a more serious disease than “WuHuFlue.”
Meanwhile Panic2020 is generating so many contradictions it is not possible to keep up. Some are funny. Many sad. Lives and wealth destroyed.
Not cheerful times, but . . . what next?
The Chinese ambassador use of ‘warrior diplomacy’ has gone down very badly over here in the UK in its bid to bully us into using Huwaei technology in our 5G system
Many folks mistake “polite” for “weak”. Germany made that mistake twice with the UK. Looks like China is making it now with the Anglosphere writ large.
The USA is being more “in their grill” with 3 aircraft carrier battle groups forward, but the same attitude is behind the polite “um, no, thank you” from the UK, Australia, India, etc. (Though India is having their usual excitability mixed in).
It is a dangerous mix precisely because the aggressor type thinks they know where the resistance point is, far away, but it is right in front of them at the next step or two. Then they suddenly get slammed at the next slap.
INHO, Hong Kong Security Law was the last slap. But they don’t get it (yet…)
Already you have 6 nations (that I know of) offering to empty Hong Kong of population. UK, Australia, Canada, USA, Taiwan, Japan. Likely more working on it. A half dozen at least banded together to enforce the Court Ruling on the South China sea. Australia, USA and India working out military interoperability. Philippines giving the USA new basing rights (airport and ship docking). Then who knows what else is happening behind the scenes.
Oh, and Russia gearing up as China has claimed Vladivostok as historically theirs.
Either China wants a big war, or their leadership believes their own bullshit.
O/T but you could be in Canada! I guess this is another feature of “budgets that balance themselves”
“We decided to take on that debt to prevent Canadians from having to do it”
http://www.smalldeadanimals.com/index.php/2020/07/08/the-daily-wisdoms-of-blackface-mcspendy/
It is no accident that most of the strongest economies enjoy democratic freedoms. In the long term freedom is the best way to unlock the potential of talented people.
In the short term tyrannies can look really strong. The old Soviet Union looked pretty scary right up the moment it collapsed at the ripe old age of 74.
The Republic of China would have collapsed at age 32 but for reforms that introduced elements of capitalism into its economy. Forty year later China looks pretty scary but cracks are appearing that may signal imminent collapse.
At such times there is great danger. It was more by good luck than good judgment that a cataclysm did not follow the collapse of the USSR. We may not be so lucky when China collapses but I don’t see that as a reason to prop them up by tolerating their unfair trade practices and outright theft of intellectual capital.
Not to mention the 83 tons of fake gold floating around China. Makes you wonder how much more there is making the internal rounds. Cheers –
@GC:
Per the FBI Director, the FBI is opening a new investigation case against China for intellectual property theft and other crimes ever 10 hours….
I think Xi picked a fight with the wrong POTUS. They bought Biden (and likely many more Democrats, including one in Los Angeles doing a perp walk…, ) but that’s now known. Still, I suspect they are “helping” the fellow traveler Marxists of BLM and Antifa. Note that The Troubles are mostly showing up in countries pushing back on China…. and is a psyop designed to promote Democrats and hurt Trump (but using China Style social vilification “cancel culture” is finally getting some push back)
I wonder if Chinese hackers got ahold of the Epstein Tapes / files?
An interesting question is: To what degree has China pissed off the Globalists? Enough to sanction their take down? Not enough to tarnish the dream of Chinese Sales Profits? Is the FBI doing what Trump wants in this case, because The Swamp green lighted it, or despite them?
If any of them checked their Chinese gold stash and found it base metal… attiude adjustment time!
Interesting how the evil capitalistic institutions are the ones that get the true news out. But AOC would say that is just a plot (but I bet she has dumped all her China stock as well). China has a total lock on information getting out, thanks the the tech giants. But they do not control the financial markets (at least not yet).
I have a meeting coming up with my investment advisor. LIke next week. I will be dumping all the emerging market funds.
” (Though India is having their usual excitability mixed in).”
The greatest evil perpetuated by the followers of Muhammed was when he turned Hindus into killers. For their own self preservation. They are not use to that role,so yea, they tend to over react. It is against their religion (more so than Judeo-Christian religion).