This post was edited by 12dream at 2018-12-8 21:16|
It is a good news to read that China and Russia are teaming up to use their own currencies for bilateral trades away from USD. This should spread worldwide gradually or leap-frog to unwind USD if US's bullying acts and / or unfair dealings are not culled by the USA itself. Its USD Reserve currency has served itself to the detriments of other nations due to it. So "why bother using it" is a wake up call; isn't it ?
Banking Services in China:
Whilst it is good to note that RmB / Yuan is getting popular among trading partners thru the use via UnionPay to clear and settle. However, PBOC ought to take note of the following and to oversee this uncanny banking situation of a major Chinese ICBC issuing UnionPay bankcard:
1. This bank has been charging its long time customer (more than 12 years) for more than 10 months at a total rate of about 17.5% p.a. + 55.00% p.a. is approximately 73.00 % p.a. ! ( See attachment of the rates and charges namely interest rate and PENALTY RATE, respectively ). Isn't this sort of PENALTY charges being horrendous as if it is operating an underworld banking network ?
2. The card has already been frozen for more than 6 months without prior notice. Read what the SMS message from it is saying which is rather threatening and bullying instead of courtesy. Major banks in this world outside China always treat customers with value and courtesy by asking " if there is any hardship that you may need to arrange a repayment method " without that sort of penalty imposed. Customer has been repaying sum more than Y800.00 per month regularly before 20th each month. Sum owing to it is relatively tiny !
Said bank could be unlawfully providing info of customers to third parties such as one on tel # 020 87301529 to threaten and/or abuse customers at nights. Should be investigated !