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Tencent and Alipay set to lose $1bn in revenue from payment rules | Financial Times
In January 2017, the People’s Bank of China announced that it was requiring third-party payment groups to keep 20 per cent of customer deposits in a single, dedicated custodial account at a commercial bank and specified that this account would pay no interest.

In April, the ratio was increased to 50 per cent, and last month, the central bank announced that it would raise the reserve requirement to 100 per cent by next January. At that point, payment groups will earn zero interest on all custome...
china  tencent  finance  debt  deleveraging 
yesterday by jayyy
"Creating Wealth" through Debt: The West's Finance-Capitalist Road | Michael Hudson
The other major reaction against classical and Marxist theory was English and Austrian “utility” theory. Focusing on consumer psychology instead of production costs, it claimed that there is no difference between value and price. A price is whatever consumers “choose” to pay for commodities, based on the “utility” that these provide – defined by circular reasoning as being equal to the price they pay. Producers are assumed to invest and produce goods to “satisfy consumer demand,” as if consumers are the driving force of economies, not capitalists, property owners or financial managers.

Using junk-psychology, interest was portrayed as what bankers or bondholders “abstain” from consuming, lending their self-denial of spending to “impatient” consumers and “credit-worthy” entrepreneurs. This view opposed the idea of interest as a predatory charge levied by hereditary wealth and the privatized monopoly right to create bank credit. Marx quipped that in this view, the Rothschilds must be Europe’s most self-depriving and abstaining family, not as suffering from wealth-addiction.
marginal_utility  austrian_economics  debt  michael_hudson  china  marxism  economics  banking 
4 days ago by perich
Update: Regulators Pause on Wealth Management Products - Caixin Global

Chinese regulators may delay the release of rules on the country’s 30 trillion yuan ($4.5 trillion) wealth management product (WMP) business in an attempt to avoid further upsetting the stock, bond and foreign exchange markets, Caixin has learned.
china  debt  Banking 
7 days ago by jayyy
Millions Are Hounded for Debt They Don’t Owe. One Victim Fought Back, With a Vengeance - Bloomberg
By the time Therrien came looking for Joel Tucker in the fall of 2015, he’d become a hard man to find. Twice divorced, he was moving from place to place, ducking his creditors. A booking photo from the time when he was briefly imprisoned for failing to show up for court in an unrelated lawsuit shows him with bristly gray hair and dark circles under deep-set blue eyes. Therrien couldn’t find a working phone number for him—not even when he reached his 81-year-old mother, Norma. She claimed not to know where he was
business  debt  scam 
8 days ago by fallond

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