“The annual deposit war is particularly fierce this year. The last day of January in the [WeChat] friend groups, bankers ‘beg’ for deposits one after another.  ‘There are more than 20 banks looking, every one is asking for deposits.’ a listed company’s small partner told reporters that he had been too busy to reply, however. The banker’s nickname is ‘Guixie.’ [a combination of beg and thanks]  ‘Perhaps because the New Year approached, company payments are more numerous, bank account capital is less, bank competition for deposits is even more intense.’ A banking source told reporters bluntly, these days are quite difficult.”

Read more: https://www.zerohedge.com/news/2018-02-01/chinese-liquidity-crunch-begins-stocks-sink-bankers-begging-friends-deposits-wechat

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