Ther has been trouble there for weeks as what looks like corruption in smaller banks has started a run on all banks in China:
China crushes mass protest by bank depositors demanding their life savings back…
…Since April, four rural banks in China’s central Henan province have frozen millions of dollars worth of deposits, threatening the livelihoods of hundreds of thousands of customers in an economy already battered by draconian Covid lockdowns.
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.
Yeah, I saw that article too. The reason I didn’t post (right or wrong) was that it spoke about “hundreds” of protesters. In a country of a billion heads, a protest of a few hundred against four small rural banks may be the tip of the iceberg or just a ripple somewhere in the ocean which got picked up by Western media because the police response was over-violent and it hit the Chinese news.
Worth watching for other events, but in isolation less meaningful than twenty protesters in front of a bank at Spanish Forks, Utah unless the cops used clubs on them.
The reason I didn’t post (right or wrong) was that it spoke about “hundreds” of protesters. In a country of a billion heads, a protest of a few hundred against four small rural banks may be the tip of the iceberg or just a ripple somewhere in the ocean which got picked up by Western media because the police response was over-violent and it hit the Chinese news.
Agreed, but it’s been a bit of a slow burner that just keeps running with the demonstrations slowly growing:
A rare large-scale protest in China’s central Henan province has been violently broken up by unidentified security personnel, amid outcry over a financial scandal that has exposed the fragility of the country’s banking system.
A crowd of more than 1,000 protesters, according to some estimates, had gathered on Sunday in front of the Zhengzhou sub-branch of the People’s Bank of China to attempt to recover frozen savings held in rural banks.