Posted on 05/30/2022 5:26:38 PM PDT by RomanSoldier19
Protests have broken out in China after several regional banks prevented customers from making withdrawals in late April, stoking fears of a greater credit crisis without an intervention from financial authorities.
At least three institutions based in Henan Province -- Yu Zhou Xin Min Sheng Village Bank, Shangcai Huimin County Bank and Zhecheng Huanghuai Community Bank -- have frozen a total of 10 billion yuan ($1.49 billion) in deposits, according to Chinese reports. One million customers are believed to be affected.
All three are small, locally focused banks designed to serve rural populations. Though the People's Bank of China in 2021 banned banks from accepting deposits outside their business areas, each institution was serving customers nationwide online.
"My friend recommended the bank, saying it had high interest rates," said a Shanghai man who deposited 2 million yuan into Yu Zhou Xin Min Sheng through its online app. "I can't access the app right now."
The bank told customers on April 18 that it would halt online banking and the smartphone app to conduct system updates.
(Excerpt) Read more at asia.nikkei.com ...
As your cartoon suggests, what better way to start a bank run?
Very likely more banks will be locked down now.
Pei Ping.
The implosion will be spectacular.
And when they sneeze, the rest of the world will catch cold.
The crisis and panic it triggered not only resulted in loss of thousands of jobs but also resulted in a global financial crisis with many parts of the world plunged into recession. Lehman Brothers crash 2008: Explaining the crash that changed the world ...
Up on the mountainside a tiny pebble loses it’s balance...
Yes it appears to be so.
“ And when they sneeze, the rest of the world will catch cold.”
A bit of an overstatement, but it will be painful.
The longer the world takes to divest itself of China the more painful it will be.
Who Knew? that the government CCP (and USG) would take control, i.e. steal, of your (all) money ?
Good one.
More about the real estate market in China.
The Secret behind China’s Ghost Cities
https://www.youtube.com/watch?v=wJ8JBTIVUVw&ab_channel=serpentza
Why Evergrande Collapsed - Our Chinese Houses Crumbled
https://www.youtube.com/watch?v=lKbLB_T-IjY&ab_channel=ADVChina
The Communist party has frequently done this and also ‘cheat’ people on home rentals etc. Even when reporting the injustice the people rarely are successful.
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