More on Chinese bank failures

from Kev Moore

https://www.yicaiglobal.com/news/fintech-platforms-are-behind-the-push-in-capital-into-henan-little-known-rural-banks

(Yicai Global) June 23 – Individuals from across China have been depositing as much as millions of Chinese yuan, equivalent to hundreds of thousands of US dollars, into accounts in central Henan province’s rarely heard-of rural banks. Third-party platforms run by Chinese internet and fintech giants such as Baidu, JD.com and Lufax are playing an important role in guiding the funds to these lenders, which offer an above-average interest rate.

Yuzhou Xin Minsheng Village Bank, Shangcai Huimin Village Bank, Zhecheng Huanghuai Community Bank, and the New Oriental Country Bank of Kaifeng all came to the public eye recently after a number of depositors were unable to withdraw cash as their Covid-19 health codes inexplicably turned red, preventing them from leaving their homes. This sparked an investigation into an organization called New Wealth Group whose owner has stakes in the four banks. (Read more about New Wealth Group: https://www.yicaiglobal.com/news/henan-police-probe-new-wealth-gang-after-bank-clients-covid-codes-turned-red)

Funds are being directed to these four banks through over 30 third-party channels, such as Baidu’s DuXiaoman Financial, JD.Com’s JD Digits, Ping An Insurance (Group)’s Koudai Bank, Trip.Com’s Ctrip Finance, smartphone makers’ e-wallets, such as Xiaomi Finance and Oppo Wallet and internet financial platforms Binhai (Tianjin) Financial Assets Exchange and Lufax Holding, according to documents from these banks. And several depositors told Yicai Global, that they are offering rates of around 5 percent a year, much higher than most banks.

Third-party platforms must have a financial license in order to sell wealth management products, but there is no such requirement for selling deposit products, where they mainly play an introductory role.

Some platforms, such as JD Digits, charge an introductory fee per client. But most, including DuXiaoman and Lufax, charge a proportion of the deposits, an ex-employee of a third-party platform told Yicai Global.

Wang Feng and her family had deposited more than CNY600,000 (USD89,781) in the four Henan banks as of December 2020, she told Yicai Global. They bought five-year fixed-term deposits through DuXiaoman at an annual interest rate of 4.8 percent which are protected by a ‘deposit insurance,’ she added. According to Chinese law, deposits of over CNY500,000 in a single account are covered by deposit insurance and can be fully redeemed.

Wei An deposited CNY100,000 (USD15,000) in Shangcai Huimin Village Bank through a wealth management platform Wacaibao. His savings, though, stopped bearing interest from May 29. “There is no reason to be concerned,” the app’s customer service responded. “Wacaibao has penned cooperation agreements with the bank, and all savings products are protected by the country’s laws and deposit insurance.”

Dodgy Dealings

Since 2020,Minsheng Village Bank, Huimin Village Bank, Zhecheng Huanghuai Community Bank, and Anhui province-based Guzhen New River Huai Village and Township Bank connected with Du Xiaoman, JD Digits, Binhai FAE and other internet-based financial platforms through a liaison platform called Junzheng Zhida.

Yuzhou Xin Minsheng Village Bank, Shangcai Huimin Village Bank, Zhecheng Huanghuai Community Bank and the New Oriental Country Bank of Kaifeng each announced on June 20 that they will ‘start online registration of clients from now on to conform with requirements by financial authorities’ in an effort to offer more transparency.

Last January, the financial regulator stipulated that lenders must not sell fixed-term deposits on non-self-operated online platforms” and “those products that had already been sold before the new ruling was issued will be discontinued once they are due,” Liu Anbang, partner of DeHeng Law Offices, told Yicai Global. Third-party platforms’ liability, should they be found to have defrauded depositors or participated in the unlawful collection of public funds, will be determined based on the role they played.

If New Wealth is found guilty of illegally seizing public deposits, the money will be frozen and returned to depositors, although there is a risk that they might not get their money back, Liu said.

(Names have been changed to protect the person’s identity)

Editors: Chen Juan, Kim Taylor

About Editor, cairnsnews

One of the few patriots left who understands the system and how it has been totally subverted under every citizen's nose. If we can help to turn it around we will, otherwise our children will have nothing. Our investigations show there is no 'government' of the people for the people of Australia. The removal of the Crown from Australian Parliaments, followed by the incorporation of Parliaments aided by the Australia Act 1987 has left us with corporate government with policies not laws, that apply only to members of political parties and the public service. There is no law, other than the Common Law. This fact will be borne out in the near future as numerous legal challenges in place now, come to a head soon.

Posted on July 25, 2022, in ABC, Banks, China, Chinese Control and tagged . Bookmark the permalink. 4 Comments.

  1. YouTube Video – “Pope Francis, Trudeau, Chinese publicly accused, charged with crimes in Canada – Actions to follow”
    26 Jul 2022 Jorge Bergoglio, alias ‘Pope Francis’, and other high officials were publicly accused today of crimes against humanity in a statement issued to the Governor-General of Canada by the International Tribunal of Crimes and Church and State (ITCCS). The accusation was issued in an “I Accuse” letter issued by the ITCCS and Kevin Annett in response to a world media request for a statement from them about the Pope’s visit.

    Excerpts:

    “It is a fact established under law and acknowledged by your own government that for over a century, the Roman Catholic Church led the deliberate genocide that killed over 60,000 Indian residential school children across Canada, according to a master contract approved by that church and the Privy Council in Ottawa in November 1910.

    “It is a fact established by the Supreme Court of Canada that the head officers of the Roman Catholic, Anglican, and United Church that ran these murderous “schools” bear personal and vicarious liability for these crimes and can be prosecuted.”

    “It is a fact and requirement under the United Nations Convention on Genocide, to which Canada if a signatory, that such “prosecution and punishment” must take place.”

    “And yet it is a fact that, in violation of international law, not a single church or state official has ever been prosecuted for these crimes in Canada, and that your government and its courts have aided and abetted such obstruction of justice by actively concealing the Indian residential school crimes and legally indemnifying and protecting the guilty churches and their officers.”

    “It is a fact that Jorge Bergoglio, alias “Pope Francis”, is personally and corporately responsible for these crimes as the head fiduciary officer of the Roman Catholic Church, and that he upholds the attitudes and policies that caused the Indian residential school genocide, including the standing Vatican policy and Criminal Conspiracy known as Crimen Sollicitationas that violates the law by officially concealing the rape, torture, and death of children within the Roman Catholic Church.”

    “It is a fact under International Law that Jorge Bergoglio stands convicted in International Tribunals of Conscience for committing and concealing Crimes against Children and Humanity, in Canada, Europe, and Argentina, and that a standing Citizens’ Arrest Warrant has been issued against him that police, courts, and the public are obligated to enforce.”

    “It is a fact that the traditional elders of five indigenous nations across Canada have banned Jorge Bergoglio/”Pope Francis” from their territories and have called for his immediate arrest as a real and present danger to their children and communities.”

    “It is a fact that the displacement, destruction, and extermination of indigenous nations and the trafficking and murder of their children continues today across Canada at the hands of the Roman Catholic Church, the RCMP, and Chinese corporations, thanks to the laws passed by the Trudeau and Harper governments.”

    “It is a fact that it is legally incumbent on you, Mary Simon, as the chief state official in Canada, to acknowledge these indisputable facts and act on them, including by aiding in the arrest of Jorge Bergoglio, lest you be held complicit in these crimes.”

    “THEREFORE, I ACCUSE you, Mary Simon, of betraying your ancestors, your murdered indigenous relatives, and your public responsibility by using your office to aid and abet criminal powers and an ongoing Crime against Humanity and Criminal Conspiracy.”

    “I ACCUSE Elizabeth Windsor, alias “Queen of England”, the official head of state and of the convicted Anglican Church, of being a principal actor in this Crime and Conspiracy, and of personally kidnapping and permanently disappearing ten children from the Kamloops Catholic Indian residential school on October 10, 1964, in the company of her husband Philip.”

    “I ACCUSE Jorge Bergoglio, alias “Pope Francis”, of being a principal actor in this Crime and Conspiracy, of personally raping, torturing, murdering and trafficking children in Argentina, Holland, Belgium, Wales, Italy, and Canada, between the years 1981 and the present, and of complicity in the death of two indigenous children east of Prince Rupert, British Columbia, at or around midnight on July 23, 2022.”

    “I ACCUSE Justin Trudeau, Prime Minister of Canada, of being a principal actor in this Crime and Conspiracy, and of committing Treason and other criminal acts at the behest and in the pay of the Chinese government and its corporations.”

    “I ACCUSE Ivan Jurkovic, the Papal Nuncio to Canada, and Cardinals Gerald Lacroix and Thomas Collins, of being principal actors in this Crime and Conspiracy, and of concealing the trafficking, torture, rape, and murder of indigenous and other children by Roman Catholic clergy across Canada and in Quebec City, Cornwall, Ontario, and between Prince Rupert and Prince George, British Columbia.”

    “I ACCUSE Brenda Lucki, Commissioner of the Royal Canadian Mounted Police, of being a principal actor in this Crime and Conspiracy, and of aiding treason, drug and child trafficking, and the kidnapping and murder of indigenous people on Canada’s west coast in collusion with Justin Trudeau, the Chinese government, Jorge Bergoglio, and the Roman Catholic Church.”

    “I ACCUSE Roseanne Archibald, Roseanne Casimir, and other state-funded aboriginal officials of being principal actors in this Crime and Conspiracy, and of aiding Canada and the Vatican in destroying the evidence of their murder of Indian residential school children and of the ongoing genocide against indigenous people.”

    “I ACCUSE Cong Peiwu, the Chinese Ambassador to Canada, and Dai Houliang, the Chair of Petrochina Ltd., of being principal actors in the Crime and Conspiracy, and of planning and aiding the kidnapping and murder of indigenous people on Canada’s west coast in collusion with Justin Trudeau, Jorge Bergoglio, Brenda Lucki, and others, and of actively subverting the laws and sovereignty of Canada.”

    “I HEREBY CHARGE these accused persons to stand down from their offices and surrender themselves for prosecution or the enforcement of their sentences as convicted criminals, on pain of immediate arrest and imprisonment.”

    “I HEREBY CHARGE the police, the courts, and the people of Canada and indigenous nations to aid in the arrest and confinement of these persons and their accomplices, in accordance with and relying on the lawful verdict and warrants of the International Common Law Court of Justice of January 15, 2022.”

    Like

  2. crisscross767

    A Crisis Worse than ISIS? Bail-Ins Begin

    While the mainstream media focus on ISIS extremists, a threat that has gone virtually unreported is that your life savings could be wiped out in a massive derivatives collapse. Bank bail-ins have begun in Europe, and the infrastructure is in place in the US. Poverty also kills.

    At the end of November, an Italian pensioner hanged himself after his entire €100,000 savings were confiscated in a bank “rescue” scheme. He left a suicide note blaming the bank, where he had been a customer for 50 years and had invested in bank-issued bonds. But he might better have blamed the EU and the G20’s Financial Stability Board, which have imposed an “Orderly Resolution” regime that keeps insolvent banks afloat by confiscating the savings of investors and depositors. Some 130,000 shareholders and junior bond holders suffered losses in the “rescue.”

    Read on –

    http://wakeupfromyourslumber.com/a-crisis-worse-than-isis-bail-ins-begin/

    Australia Plans Cyprus-Style “Bail-In” Of Banks In 2013-14 Budget

    G20 Governments All Agreed to Cyprus-Style Theft Of Bank Deposits … In 2010

    “………That’s something else to thank our recently-deposed PM Julia Gillard for doing, without our knowledge or permission

    https://barnabyisright.com/2013/07/10/australia-plans-cyprus-style-bail-in-of-banks-in-2013-14-budget/
    .

    Like

  3. One good thing about the Chinese: – is that they ain’t shy to shoot a corrupt official here and there.

    If the Party is under threat, they will act.

    Just like last year’s nationwide purge of Jack Ma’s Ant-Group, other big techies, private education and other sectors.

    Even though collapsing their economy [temporarily], the Chinese are prepared to do so, as they never lose sight of the long term goal.

    Westerners cannot see beyond their final pension payment.

    Like

  4. It will be interesting to see how this pans out. One might hope that the Chinese authorities will chase down and squash the bad actors in this unfolding saga, although it appears that whoever is behind the heist must hold influential positions.

    In the meantime, here in Australia, our fake government already has the legislation in place to permit the banks to shut down bank accounts and seize deposits from their customers whenever they feel the need – and we’ve already seen how the Globalist stooge Justin Castro arbitrarily closed down the bank accounts of any Canadian who disagreed with his policies.

    Let’s hope for the Chinese people’s sake that their government is better than that.

    Like

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