27 Jan 2014
PBoC transfer suspensions only for small accounts
FXstreet.com (Bali) - Following news that the PBoC has suspended some domestic interbank transfers and other systems for several days, the move only covers some Internet transfers and those for small amounts, according to a statement on PBoC website.
As reported by Michael Kitchen from Markerwatch: "State-run Beijing Times said customers can still conduct small-scale transfers via ATMs", adding that "on Sunday, Forbes contributor Gordon Chang, author of "The Coming Collapse of China," said that Citibank had halted bank transfers for three days, calling the move "ominous" for the Chinese banking system."
However, as Kitchen concludes, "the central bank had flagged the move earlier this month, saying the move was due to system maintenance and would occur once a month for the rest of the year."
After the controversy, Citi in China updated the international media on any possible misunderstandings, saying "PBoC system maintenance is scheduled to occur over the holiday, but customers can still make transfers from now until end of working day on January 30 – right before the holiday begins." System maintenance of this sort has occurred several times in the past.
Further on the Chinese bank transfer: "The PBOC has not asked Citibank to stop customers from wiring funds. Customers can still log on to their account to put in fund transfer requests at any time. The receiving bank (non-Citibank) will process the funds to be transferred on the next business day, as it always does. Because of the Lunar New Year break, the next business day is Friday February 7. This is no different from the practice of banks throughout the world."
As reported by Michael Kitchen from Markerwatch: "State-run Beijing Times said customers can still conduct small-scale transfers via ATMs", adding that "on Sunday, Forbes contributor Gordon Chang, author of "The Coming Collapse of China," said that Citibank had halted bank transfers for three days, calling the move "ominous" for the Chinese banking system."
However, as Kitchen concludes, "the central bank had flagged the move earlier this month, saying the move was due to system maintenance and would occur once a month for the rest of the year."
After the controversy, Citi in China updated the international media on any possible misunderstandings, saying "PBoC system maintenance is scheduled to occur over the holiday, but customers can still make transfers from now until end of working day on January 30 – right before the holiday begins." System maintenance of this sort has occurred several times in the past.
Further on the Chinese bank transfer: "The PBOC has not asked Citibank to stop customers from wiring funds. Customers can still log on to their account to put in fund transfer requests at any time. The receiving bank (non-Citibank) will process the funds to be transferred on the next business day, as it always does. Because of the Lunar New Year break, the next business day is Friday February 7. This is no different from the practice of banks throughout the world."