CCP Banks Limiting and Suspending Foreign Exchange Business

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Translated by: Sarahyy <MOS Education Team>

On August 31, Huaxia Bank, a publicly-traded commercial bank in Communist China, announced that individual foreign exchange business will be suspended from 00:00 December 1st, 2021 until further notice.

Huaxia isn’t the only one. It is reported that major banks of CCP have been successively limiting or suspending individual foreign exchange, and other businesses that relate to precious metals recently.

On July 16, the Industrial and Commercial Bank of China (ICBC) issued adjustments to the individual foreign exchange rules and the trading system would be done by August 15.

China Merchants Bank (CMB) also issued a notice on July 27 to suspend individual foreign exchange options and precious metals business. What’s more, the business rules and trading system of individual two-way foreign exchange trading would be adjusted on August 11.  Meanwhile, the CMB announced that the new issuance of foreign exchange options to personal accounts has been stopped and existing sign-up agreements have been terminated.

During a live broadcast of Mr. Miles Guo, the CCP’s foreign exchange reserve is now less than 1 trillion dollars, and the CCP’s economy is collapsing. The Communist China regime has had to face a series of sanctions by the U.S. and other western countries in the fields of politics, trades, finance, and technology since the Whistleblowers Movement started in 2017.

The CCP consumed a large number of foreign currencies from the reserve in order to survive by executing their “Blue-Gold-Yellow” (BGY) plans. Battling among their own factions caused capital loss as well. In addition, with the successive listing of virtual currency H-coin and other cryptocurrencies launching soon, CCP’s private capital flight would be inevitable. 

Therefore, we can forecast that CCP will close all channels of personal foreign exchanges. Ordinary people’s property will soon no longer be able to transfer from China through foreign exchange or purchasing virtual currencies.

Edited/Posted by: Amy Q

Proofread by: Redd

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