Transcript of part of BBC Business Asia report to be broadcast today from Shanghai:

"The biggest bank in the world is Chinese: ICBC has just over US$3.5 triliion in assets. It has around 0.5 billion customers. 4 out of the 5 biggest banks in the world are Chinese. This is an industry with huge reserves and global ambitions.

But, China has a debt problem, a big debt problem. In the years following the global financial crisis there have been interest rate cuts and there has been a boom in credit, all aimed at boosting the economy. And all on the orders of the government which own or controls most of the banks.

The IMF estimates there are US$1.3 trillion in corporate loans in China, that are at risk of default. Most of that money has been channelled into state-owned enterprises  - they’re mostly unprofitable – or into local government.

And bad loans are on the up – they are at an 11 year high.

So, what next? Maybe some of the banks will topple over. The government will bale them out at great cost and maybe their currency will devalue further. Or, do the banks manage to restructure their debt and survive, while a select few go to the wall?

Through all of this the government will remain focussed on its number one priority – maintaining harmony and maintaining stability, even if that means saving a few banks that shouldn’t be saved."

Nothing we don't know already but I thought this succintly describes the situation with Chinese banks. It's just a matter of time until a Chinese bank goes under and we all feel the shockwaves. Interesting times ahead. I'm not convinced that BTC is seen by anyone as a safe haven, other than die-hard tech nerds, so who knows what effect on BTC price will be. Probably stay at 666   Maybe time to buy some gold since that's what the market likes to do...