LOS ANGELES (MarketWatch) -- Citigroup Inc.'s
C
-0.02%
China branches, and possibly other banks, have stopped all cash
transfers for three days and all currency conversions from yuan for nine
days, Forbes reported Sunday via an article by contributor Gordon
Chang. Citi reportedly made the announcement in a notice on its web
portal for Chinese customers, saying the move was a result of "system
maintenance of People's Bank of China," a reason Forbes's Chang
described as "preposterous." MarketWatch couldn't immediately confirm
the report. Chang said the move was similar to action taken in June and
December of last year. "In June, for instance, the central bank used the
excuse of a 'system upgrade' to allow banks to shut down their ATMs and
online banking platforms. As a result, they conserved cash and thereby
avoided a nationwide meltdown," Chang wrote. See the Forbes item here
.
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