All four Chinese rural banks in Henan having liquidity problems, bail-in clients funds
This is huge.
Don’t know how this will end.
This Henan bank is NOT the only one that is having problems with liquidity.
Chinese authorities will repay more victims of the nation’s biggest bank scam as it seeks to placate angry customers who have been denied access to tens of billions of yuan of deposits for months.
Clients from the four rural banks in the central province of Henan and one in Anhui with deposits of up to 100,000 yuan ($14,800) will be repaid from today, according to the local offices of the China Banking and Insurance Regulatory Commission.
Authorities began to repay individuals with deposits of below 50,000 yuan last Friday, after hundreds of disgruntled bank customers who took to the streets found tanks blocking their way. Arrangements for those with higher amounts of savings will be subject to further notice, the watchdog had said. from Bloomberg