China’s major commercial banks have a funding issue outside Beijing’s control: They’re running low on the U.S. dollars they need for activities both at home and abroad, the Wall Street Journal reported last week.
The major Chinese commercial banks once had more dollar assets than liabilities, but no longer this year. These four banks are China Construction Bank, Industrial and Commercial Bank of China, Agricultural Bank of China and Bank of China.
Among the four, Bank of China (BACHY -0.67%) is by far the greatest contributor to the shift. Once the holder of more net assets in dollars than any other Chinese lender, it ended 2018 owing about $70 billion more in dollar liabilities than it booked in dollar assets.
Related reports tell that the slowing growth in China and across Asia will put pressure on corporate cash-flows. This will make re-paying the $2.25 trillion in dollar-debt – all that’s due over the next 30 months – even more difficult to do.
Miles Kwok said in his whistle blow over the weekend, “The doom of the CCP regime is coming, no matter how hard it tries to keep itself in power. As we know about China’s economy last year, the growth rate must not exceed 3.5%. If the US continues with its pressure on trade, CCP’s economy must collapse”.
The protests in Hong Kong this weekend against CCP’s extradition law have caught the world’s attention. “We will be seeing all the truth, not just truth about Wang Qishan, Sun Lijun and Meng Hongwei whose scandals have made headlines these days in France. The truth behind HNA Group and the death of Wang Jian will soon be revealed as Europe is cooperating with the US in related investigations, “ said Miles, “In recent days, we have cooperated with related parties to make Bank of China the second HNA Group. Bank of China is also coming to its disasters”.
Miles tells that as Bank of China is the wallet of Wang Qishan and other traitors for money laundering and other crimes, anyone having collusion with Wang Qishan in the past will soon taste the bitter fruits.
“Warrior friends! You can check Bank of China branches in the US. Let me tell you a small secret. All U.S. banks buy insurance for secure operations. You can buy insurance for your deposits in US banks to avoid fatal losses. Major lawyers and celebrities in the U.S. also buy insurance for their projects or programs. Larry King also has an insurance of 50 million dollars,” Miles continued, “Bank of China might have bought insurance for its New York branch, but what about its Washington Branch, Chicago Branch, or Los Angeles Branch? I am sure some of its branches have never bought insurance. Why?–because they are engaged in espionage activities. When they don’t buy insurance, the insurance company, the judicial authorities or FBI cannot check their account transactions unless they have firm evidence of violations.”
Miles said overseas branches of Bank of China are engaged in money laundering and are hiding places for Chinese spies. They are helping Jiang Zhicheng, Wang Qishan and Meng Jianzhu for money laundering. “Now we have come to know why Wang Qishan has put Tian Huiyu and Tian Suoning in those positions so that they can easily launder money out or collect information. Now they have nothing to hide. The U.S. government will track them all out; their dirty money and espionage activities will all be revealed to the public.”
As the combined dollar liabilities at the big four commercial banks exceeded their dollar assets at the end of 2018, this is a troubling sign for the traitors as well as Chinese companies investing overseas.
We know that these Chinese firms, mostly state-owned enterprises, have been borrowing new dollar-debts from Chinese banks so that they can stay solvent. They need dollars to pay their interest and principle back. The stronger dollar and rise in borrowing costs have forced these firms to miss bond payments or outright default.
When China’s banks are running out of dollars, it surely will be troublesome for those state-owned companies and their shareholders, but it is good news for the common Chinese people. Miles said that money in their overseas bank accounts actually belongs to the Chinese people, and they must return to the Chinese people.
By Winnie Troppie