“There’s a run on Chinese banks and it’s being ignored by the world” [thought’ was a rumor but now well researched]

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by kdjfskdf

(Images of large lines and demonstrations at Chinese banks in recent weeks.)

Multiple sources contacted by Asia Markets, have confirmed deposits at the following six banks have been frozen since mid-April.

Yuzhou Xinminsheng Village Bank (located in Xuchang City, Henan Province)
Zhecheng Huanghuai Bank (City of Shangqui, Henan Province)
Shangcai Huimin Rural Bank (Zhumadian City, Henan Province)
New Oriental Village Bank (City of Kaifeng, Henan Province)
Huaihe River Village Bank (Bengbu City, Anhui Province)
Yixian County Village Bank (Huangshan City, Anhui Province)

At the same time, clients reported their electronic deposits in online accounts, mobile apps and third-party platforms could not be withdrawn.

This led to depositors rushing to local bank branches, only to be told they were unable to withdraw funds.

…the protests are ongoing but are rarely mentioned in Chinese press.

The People’s Bank of China (PBOC) has responded to the rural bank run. It issued a statement on April 25.

“The People’s Bank of China is highly concerned… At present relevant departments have launched an investigation, the People’s Bank of China will cooperate with the relevant departments, to protect the rights of financial consumers.” …

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By Henry Chia www.asiamarkets.com/chinese-banks-run/

China using Covid app to restrict residents after rural banks run out of cash – The Shillong Times

Beijing, June 14:  Authorities in the Chinese province of Henan are suspected to be restricting some residents’ movements using a Covid app, following rare protests, BBC reported.

Multiple people say they are being forced to quarantine, blocked from public transport or entering buildings.Most appear to be customers of four rural banks which had run into issues providing cash withdrawals, report Chinese media outlets.

The banks froze deposits, prompting angry demonstrations last month, BBC reported.

China’s banking and insurance regulator has since ordered an investigation into the banks.

More than 39 billion yuan ($6bn) is believed to have been frozen, affecting hundreds of thousands of customers.

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theshillongtimes.com/2022/06/14/china-using-covid-app-to-restrict-residents-after-rural-banks-run-out-of-cash/

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