China's state TV accuses central bank of money laundering

Discussion in 'China' started by Ray, Jul 18, 2014.

  1. Ray

    Ray The Chairman Defence Professionals Moderator

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    It is most unusual for the Chinese to criticise any Govt organisation or personage unless there is some top official sanction to do so.

    And there has to be some internal rationale for the same.

    Xi has gone on a drive to rid 'corruption' in high places in China.

    Could it be that whoever is behind the Bank of China scam is someone who is so big that even Xi is uncomfortable to confront?

    And is the Chinese TV acting as the cat'spaw for Xi, wherein Xi is building up the public pressure before guillotining the person behind the scam?
     
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  3. shiphone

    shiphone Senior Member Senior Member

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    some idiots pretend to "Experts" again and began to talking about China ....LOL...Blah,blan..blan....

    but funny thing is such idiots even can't recognize which is so called "central bank" of China .....Bank of China or People's Back of China.?...LOL

    why some loser like nonsence talking so much...
     
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  4. CCP

    CCP Senior Member Senior Member

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    @Ray

    Bank of China - Wikipedia, the free encyclopedia

    Not to be confused with the People's Bank of China (the central bank of the People's Republic of China) or the Central Bank of the Republic of China on Taiwan.

    Bank of China Limited (simplified Chinese: 中国银行; traditional Chinese: 中國銀行; pinyin: Zhōngguó Yínháng; often abbreviated as 中银 or 中行) is one of the big four state-owned commercial banks of the People's Republic of China.
     
    Last edited by a moderator: May 10, 2015
  5. Ray

    Ray The Chairman Defence Professionals Moderator

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    Are you talking about yourself?

    Even then, keep a civil tongue.

    Or as they say here, which has the same meaning as above:

    Zaban men lagam lagao nahin to zaban khench dunga, Thik hai?
     
    Last edited: Jul 18, 2014
  6. Ray

    Ray The Chairman Defence Professionals Moderator

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    Shadow banking, a term which encompasses a broad range of high-risk transactions taking place outside the formal balance sheets of traditional banks, has become pervasive throughout China, as state-owned banks that dominate regulated financial activity in the country lend primarily to state owned enterprises and local governments. This leads small to medium enterprises (SMEs), whose activity comprises 60% of China’s GDP and who do not have access to credit from state-owned banks, to rely on a system of informal and unregulated lenders in order to finance their activities. This credit is often supplied by investors willing to put their money into high return ‘wealth management products’, as the People’s Bank of China, the country’s central bank, restricts interest rates on traditional deposit accounts to abnormally low levels.

    Note:

    Deep-seated links, systems of patronage and factional competition within the Chinese Communist Party (CCP) make it difficult for Beijing to take drastic steps to abruptly reverse policy.
    Forbes India Magazine - The Rise of China's Shadow Banking System

    Join the dots of all what is written and open up your eyes.

    Maybe it might open your mind since you seem to be incapable to understanding the drift unless spoonfed.
     
    Last edited: Jul 18, 2014
  7. shiphone

    shiphone Senior Member Senior Member

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    funny... some smart ass pretend to 'Expert' again to began his Self-righteous preach...sorry... would you please save your own time....we thought CCTV(the state TV station) has report and explain it well...and in Chinese of course...

    as I said ,some smart ass should fix it first ...get the fact right is an essential requirement

    is Bank of China the central bank in China?...........LOL....loser
     
  8. CCP

    CCP Senior Member Senior Member

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    Well , people make mistakes. It’s part of human nature, Thik hai?

    BTW, Chinese financial market is not mature as US' financial market (even India's financial market ).
     
    Last edited: Jul 18, 2014
  9. Ray

    Ray The Chairman Defence Professionals Moderator

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    Listen friend, I don't appreciate foul mouthed tongue.

    Be warned.


    Let me spoonfeed you.

    The issues are:

    1. Xi and Anti Corruption.

    2. CCTV criticises Bank of China for money laundering.

    3, This criticism by the State TV indicates that the decision was taken at a very senior level, since whoever is in charge at CCTV would NOT have done a report like this without clearing it with the propaganda department, and who would therefore have cleared it with someone even more senior.

    4. China is very sensitive about its international image and so making allegations of that kind by the State TV would be serious since this criticism would cause significant reputational damage to China.

    5. It would be most damaging because China relies heavily on its economic clout in international affairs.

    7. Money Laundering, Shadow Banking and Black Market crimes are interlinked.

    8. There is enough reportage that indicates that there is deep-seated links, systems of patronage and factional competition within the Chinese Communist Party (CCP).

    9. There is enough reportage from China itself indicating high level of corruption within leaders of the CCP and thorough their family proxies and Princelings.

    10. There is enough reportage to indicate the Xi and his anti corruption campaign is finding obstacles from within.

    11. And as far as whether the Bank of China is China's central bank, it is for the one who has written the article to clarify and not me.

    12. All financial organisation commercial or otherwise is highly monitored by the Govt of China and if there has been money laundering surely someone has done the wink wink from high up or else it could never have been done in such a State where everything is controlled by the Govt and CCP.

    13. And it becoming an open spat with the CCTV criticising Bank of China and thereby rubbing China's reputation in the mud, something that is practically blasphemous, indicates that all is not well wherein a State organisation under the control of the Govt and CCP appears to be working overtime to ruin and damage the reputation of China,

    14. If such a blasphemy has been done, it surely would have the OK of someone real big.

    15, How can such a damage being done to China is what begs the question.

    16. One of the reasons could be that someone right at the top is trying to bring the Bank of China to heel - and if it could not have been done in the normal course of the law, then it begs the question - was it because some bigwig, who cannot be touched, is the mentor of the Bank of China?

    17, Money-laundering is Corruption.

    18. Xi is against Corruption.

    19. How come Xi cannot take action as per the law?

    20. There must be good reasons why Xi cannot take action against the Bank of China as per the law.

    21. So, it is quite plausible that CCTV is building up a public backlash so that it gives credence to any action that the CCP takes thereafter on th Bank of China and all concerned can do a Pontius Pilate.

    Got that Steve?
     
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  10. Ray

    Ray The Chairman Defence Professionals Moderator

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    If it is a mistake, then it is the writer of the article who has made the mistake.

    This compatriot of your is like Quickgun Murugun who jumps to react without reading a sausage. Seeing the word China makes him go into a tizzy in the defence of China without even bothering about the facts or content.

    If is so thin skinned about China's reputation, then imagine the surprise one has when one sees the State TV badmouthing a reputed Chinese financial organisation and rubbing the name, reputation, dignity, credibility of China in the mud!

    Obviously, the plot thickens when a State Organisation willingly and vehemently criticise a financial icon of China.

    It is therefore nothing unusual to draw conclusion of some dissensions within those who run the Country and on whose shoulder the reputation and dignity of China rests. An internal struggle, maybe.

    Free opinions is allowed in this country India.
     
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  11. Compersion

    Compersion Senior Member Senior Member

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    The article also the author of the article states "central bank" and the learned poster make no emphasis on it but rather focus on different dimension.

    Also in PRC there is easy confusion between state, central, external, internal, provincial, and even administrative - i am sure the author and article editor got confused on such issues - lost in translation perhaps but again its no justification its a mistake. but mistakes do happen in news articles and i am sure there are many from areas of origin of the items above.

    Further the assessment and comment in post #1 talks about internal PRC dimensions - why such a news. Is there some bigger play being done. One has seen the Bo Xilai drama.

    Take it easy its good to have healthy and free discussion that this forum is renowned for and has its locus standi in being Indian with Indian character.

    also i would like to hope that the posters had no ill reference to any learned poster here.
     
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  12. amoy

    amoy Senior Member Senior Member

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    CCtV's accusation of money laundering is not well founded as far as I can see. Nearly 0.1 bln Chinese travel overseas every year for study, business or simply sight seeing, or emigrate " permanently" (est. 150,000 yearly). The $50,000 cap is to be raised inevitably IMO.

    Normal traffic through regulated channels like Bank of China being blocked certainly gives rise to "underground finance" or "shadow banking".

    Also Bank of China, listed in various bourses, is not entirely a SOE .
     
  13. Srinivas_K

    Srinivas_K Senior Member Senior Member

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    In China most of the banks are in control of your master CCP. Chinese just came to world stage in the last 5 years ..... we have little knowledge regarding your country which is know for tight control of every thing.

    For out side world china is a jail for 1.3 prisoners.

    while posting some idiotic words I advise you to be careful .... since if ccp thinks you are abusing them they will beat you and put you in jail.
     
    Last edited: Jul 18, 2014
  14. Ray

    Ray The Chairman Defence Professionals Moderator

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    What the Bank of China is doing, is that legal as per the Chinese laws?
     
  15. tarunraju

    tarunraju Moderator Moderator

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  16. amoy

    amoy Senior Member Senior Member

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    If u did read what u copied from the Guardian, BoC has defended its own operations >>>

     
  17. Ray

    Ray The Chairman Defence Professionals Moderator

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    I think your statement is ridiculous.

    I am not a reporter of the Guardian that I can write an original piece for the DFI and for your consumption.

    How does one start a thread in any forum?

    By merely stating that CCTV criticises Bank of China for money laundering, without anything to back up this statement?

    If I did that, then the Internet Warriors of your ilk would go hammer and tongs and call it propaganda and anti Chinese blather.

    So, one has to 'copy' the original so that there is no doubt that it is not propaganda and blather.

    Got that?

    I am not concerned as to what the Bank of China has to say. It is the one accused by CCTV, Surely, an accused will not come up and say they are crooks, would they?

    And that is why asked if money laundering is a crime or not as per the laws of China since you seem to have your back up in defence!

    To be precise I asked
     
    Last edited: Jul 18, 2014
  18. amoy

    amoy Senior Member Senior Member

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    U don't have to get worked up like this. Hammers or tongs whatever - the case up to the moment is --
    * CCTV makes an laundering accusation of BoC
    * BoC defends its operations are in compliance

    It's up to readers for analysis or search for more info to formulate their own opinions.

    As for your long write-up such as "propaganda and anti Chinese blather" - Did I accuse u of "anti Chinese" or "blather" whatsoever?

    [​IMG]
     
  19. Ray

    Ray The Chairman Defence Professionals Moderator

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    Since you are a Chinese and not something else, maybe you could enlighten us instead of obfuscating, prevaricating and going tangential all in an effort to avoid commenting?

    I would rather have a Chinese to put us wise rather than any other poster.

    Long write up come, when juveniles cannot fathom short write ups and require spoon feeding.

    I also find this juvenile

    Imagine Bo Xilao admitting that he is a scoundrel!

    or Mao saying he organised Mass Murders in the Cultural Revolution.

    Or a crook admitting his faults and be ready to get into the Laogai even before being sentenced!

    So, what do you think BOC should say? That they are guilty of money laundering?




    And you are deftly avoiding this with all sorts of ploys to deflect and obfuscate

     
    Last edited: Jul 18, 2014
  20. amoy

    amoy Senior Member Senior Member

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    From the very beginning I clearly expressed that I bought in BoC's line, and supported $30,000 ceiling to be broken

    I paste my previous comments above lest u mislead DFI readers like " obfuscating, prevaricating and going tangential all in an effort to avoid commenting"

    [​IMG]
     
  21. Ray

    Ray The Chairman Defence Professionals Moderator

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    As usual not to the point.

    Here and there and everywhere but never to approach the nub of the question or issue.

    So, BOC is right and CCTV. the CCP and the Chinese Govt is talking from the wrong orifice, right?

    say that loud in China and have a vacation at the Laogai!

    Free and all expense paid by the Chinese Govt.

    Or are you one of those Hong Kong protesters who think that the Chinese Communist Govt is the pits?

    [​IMG]
     
    Last edited: Jul 18, 2014

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