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| China-Japan-Koreas |
| There’s a run on Chinese banks and it’s being ignored by the world |
| 2022-06-18 |
| [AsiaMarkets] In recent years it has become clear the Chinese people are losing faith in their financial institutions. There’s been anger over harsh COVID lockdowns in Shanghai recently, while the collapse of China Evergrande saw rare public demonstrations as residents faced the prospect of losing their life savings used as deposits for housing. The song book is eerily similar at bank branches in a number of China’s rural provinces right now. Multiple sources contacted by Asia Markets, have confirmed deposits at the following six banks have been frozen since mid-April.
It’s understood the banks with branches across the Henan and Anhui Provinces successively issued announcements in April, stating they would suspend online banking and mobile banking services due to a system upgrade 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time, clients reported their electronic deposits in online accounts, mobile apps and third-party platforms could not be withdrawn.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. By late May, images emerged on Chinese social media of demonstrations at the front of numerous bank branches. Asia Markets has verified these images with local contacts. According to one user on the Chinese social media platform WeChat, the protests are ongoing but are rarely mentioned in Chinese press. "It has caused widespread concern on the internet but the media attention is not high, the highest degree of concern is the four banks in Henan." BANK RUN CONTAGION TO "SWEEP ACROSS CHINA" Regardless of the cause, the developments raise serious questions about the health of China’s and its regulatory oversight. The more immediate concern, however, is the prospect of contagion, which could see the (so-far) rural-only bank run spread to bigger cities. On Twitter, a video of a large line at an ICBC Bank in China (one of China’s largest state-owned banks) posted on Tuesday, June 9, suggest contagion is in progress. Translated to English, the tweet reads "The bank card system is locked, and these people are here to unlock it. Massive runs are coming." Blogger, Jennifer Zeng, has reported major issues with withdrawing cash from banks in Shanghai in recent days. The uncertainty no doubt exacerbated by the prospect of more lockdowns as COVID cases again spike. "All banks in Shanghai have restricted depositors from withdrawing money... A bank run is about to sweep China," she said. |
| Posted by:trailing wife |
| #3 Don't take your phone to the Ukraine. |
| Posted by: Procopius2k 2022-06-18 11:30 |
| #2 Don't take your phone to an insurrection. |
| Posted by: The Walking Unvaxed 2022-06-18 06:33 |
| #1 The people who went to protest suddenly found their phone's health code had turned red, indicating they had Wuhan virus or had been in close contact with someone who had. Immediate medical imprisonment, cannot take any type of transportation. Whew, protest crisis solved! That sure would never happen here. |
| Posted by: Pholing Crererong6639 2022-06-18 01:02 |