Henan: China to repay customers after mass bank protests from customers who have had their funds frozen by several rural banks.

BBC via Yahoo News ^ | 07/21/2022

[SeekAndFind]

Authorities in China's Henan province say they will start releasing money to customers who have had their funds frozen by several rural banks.

The announcement came just a day after a rare protest in Henan's capital, Zhengzhou, turned violent.

Payments will be made in batches from this Friday, local regulators say.

The four banks that were the focus of the protests are believed to have frozen a total of 39bn yuan ($5.8bn; £4.9bn) of deposits.

In a statement, the Henan Banking and Insurance Regulatory Bureau and the Henan Provincial Local Financial Supervision Bureau outlined the plans to make payments to customers through a local association supervised by China's central bank.

"Advance payment will be released to customers with a combined amount of less than 50,000 yuan savings in one institution," it said.

"If the combined amount of a single institution is more than 50,000 yuan, the advance payment will be made successively, and the advance payment arrangement will be announced separately."

The regulators asked customers to contact the association from 09:00 local time (02:00 BST) this Friday.

[blueunicorn6]

Always a good sign.

[Migraine]

Time to minimize our bank-held assets — down to just what you “have to have” to conveniently pay for day-to-day needs, IMO. I know some on here have already divested entirely. I can’t quite to that yet, but darn close to it.

[packagingguy]

This is why a Vietnamese friend said in her country everyone held physical gold and silver. Nobody trusted the banks.

[AdmSmith]

Note: Many have all their savings in this bank, 50,000 RMB = $7,400, i.e nothing.

Very good info from Business Basics :

July 22
China's Banks are Failing, Protests Everywhere. China's financial crisis is approaching...

https://www.youtube.com/watch?v=N57doBGQTNY

and July 8
$4.5 Billion Stolen From The Banks, China's financial crisis is approaching...

https://www.youtube.com/watch?v=MNgS2pJZJSg

> 4 000 local banks, how many will survive?
Add the covid lockdowns and the real estate crisis + Chinese dwindling population ...