CHINA ORDERS BANKS TO STOP PURCHASING U.S. DOLLARS

https://www.superstation95.com/index.php/world/753

In a stunning move, China has suspended some banks from Foreign Exchange markets and ordered other banks to stop buying Dollars.

China's foreign exchange regulator has ordered banks in some of the country's major import and export centers to limit purchases of U.S. dollars this month, three people with direct knowledge said, in the latest attempt to stem capital outflows.

The move comes as China reported its biggest annual drop in foreign exchange reserves on record in 2015, while the central bank has allowed a sharp slide in the Yuan currency to multi-year lows, raising fears of more capital flight.

T.....nothing stunning about this. China is trying to manipulate their currency. The dollar is stronger than ever and although they have control on automatic stops in their stock market......they definitely do not want to lose control of their currency manipulation which could have huge political implications if imported food suddenly went off the charts because of the strength of the dollar. There are a great many Chinese capitalist who have billions of dollars of profits and they do not want to see what happened to Russian capitalist who saw the Ruble get cut in half. The Russian people are getting piszed because they are getting half of what they used to get, and if the big boyz in china say F it, we are taking our money and going to Viet Nam.........it becomes a panic. The ironic part is that developed nations have begged them to quit manipulating their currency downward when it should have been going up and their citizens were buying western products and the fair game of trade works.....now with their artificial manipulation of the currency it is going to be a bitch, and do you think an American company is going to want to be holding the Yuan......I think this is proving what I have argued for three years.......the dollar is just getting stronger.

It's a command and control economy with the pretense of an opening market... no one can see behind the curtain. There have been repeated run ups and crashes... with huge leverages getting dumped before the private investors can react.

It's probably just more govt manipulations to benefit the connected elite... and screw the global markets.