And it all comes tumbling down ! ---------------------------------------------------- On Friday, Citibank customers in China received this notice: “Due to the system upgrade of People’s Bank of China , the domestic RMB transfer via Citibank (China) Online and Citi Mobile from June 28th 2013, 20:00pm to June 30th 2013, 21:00pm will be unavailable.” “System upgrade”? Last Sunday, customers of the Industrial and Commercial Bank of China, China’s largest bank, were not able to withdraw cash at its ATMs in cities across China or use its online banking platforms. ICBC , as the behemoth is known, blamed “system upgrades” for what official media now calls a “massive banking system paralysis.” On Monday, a money transfer system at Bank of China, the country’s third-largest bank, went down. Bank of Nanjing customers faced similar problems during the week. Both banks cited technical difficulties. “I cannot withdraw money from ICBC and BOC, and don’t know who will be next,” complained Wang Yangyu, a customer quoted by Reuters. “Can you banks give me a better explanation?” Here’s my try at a better explanation. The rash of upgrades and glitches plaguing the Chinese banking system in the past week coincides with the country’s worsening liquidity crisis, which has hit large banks as well as smaller ones.
Posted on: Sun, 30 Jun 2013 22:04:26 +0000
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