by odsogv123
One of the few articles to report on what has been mentioned on WSB for a while: There’s a run on Chinese banks and it’s being ignored by the world
Lots of detail, but summed up with the below:
“The lack of reporting about the clear signs of a bank run in China is somewhat surprising.
As HSBC China’s Xuefang Liu puts it, “The rise of China as a global economic power has caused concern that a crisis in Chinese banking could lead to a worldwide downturn similar to the Global Financial Crisis.”
While many analysts believed China’s banking system was widely immune to the Evergrande Crisis, cracks are beginning to emerge and should this bank run intensify, already volatile global markets could be faced with a black swan event even more significant than Evergrande.”
What it doesn’t mention is lockdowns in Shanghai. It is very likely the reimposed lockdowns are to prevent runs on banks in Shanghai like they are seeing in rural areas of the country – IMO.
Second lockdown in Shanghai is happening now … people are doing some last minute shopping before getting locked into their apartments for another month.#Shanghai #China pic.twitter.com/5r9Q64zwHF
— Wall Street Silver (@WallStreetSilv) June 12, 2022
Mass COVID testing notices in #Shanghai are sparking fears of a new lockdown. These fears have sparked panicked buying. Many have rushed to supermarkets to stock up on food and other daily necessities, forming long lines and leaving shelves empty. pic.twitter.com/0DQBBRUe6u
— Steve Hanke (@steve_hanke) June 11, 2022
All banks in #Shanghai have restricted depositors from withdrawing money.
Remember the videos about banks having no money to all withdrawing from Henan Province I tweeted before? A bank run is about to sweep #CCPChina. pic.twitter.com/WgDVnjLsky— Jennifer Zeng 曾錚 (@jenniferatntd) June 9, 2022
