What does this mean?<\/p>\n
Chinese authorities on Sunday violently dispersed a peaceful protest by hundreds of depositors, who sought in vain to demand their life savings back from banks that have run into a deepening cash crisis.<\/p>\n
Since April, four rural banks in China’s central Henan province have\u00a0frozen millions of dollars worth of deposits<\/a>, threatening the livelihoods of hundreds of thousands of customers in an economy already battered by draconian Covid lockdowns.<\/p>\n
Anguished depositors have staged several demonstrations in the city of Zhengzhou, the provincial capital of Henan, over the past two months, but their demands have invariably fallen on deaf ears. [CNN\/Business<\/strong><\/a>]<\/em><\/p><\/blockquote>\n
I’m not really sure. The article continues:<\/p>\n
Police in Xuchang, a city neighboring Zhengzhou, said in a statement late Sunday they recently arrested members of an alleged “criminal gang,” who were accused of effectively taking control over the Henan rural banks starting from 2011 — by leveraging their shareholdings and “manipulating banks executives.”<\/p>\n
The suspects were also accused of illegally transferring funds through fictitious loans, the police said, adding that some of their funds and assets had been seized and frozen.<\/p><\/blockquote>\n
Made up story? True facts?<\/p>\n
Is the Chinese banking system beginning to fold under the strain of Covid and, perhaps, the CCCP<\/strong><\/em> economic system?<\/p>\n
Or is this just a hiccup, not to be noticed?<\/p>\n","protected":false},"excerpt":{"rendered":"
What does this mean? Chinese authorities on Sunday violently dispersed a peaceful protest by hundreds of depositors, who sought in vain to demand their life savings back from banks that have run into a deepening cash crisis. Since April, four rural banks in China’s central Henan province have\u00a0frozen millions of \u2026 Continue reading