A bank run hasn't been this significant since the Great Depressionâsuggests @henrychia20
6 Chinese banks have frozen deposits (online & branch) since mid-April? Initially "blaming systems upgrades."
âAll banks in Shanghai have restricted depositors from withdrawing moneyâŠâ
*Fraud scheme blamed*
"Protests are ongoing but are rarely mentioned in Chinese press."
Public protests: China Banking & Ins. Reg. Com. revealed its investigating fraud act. by the Henan New Fortune Group (the largest shareholder of relevant banks).
twitter.com/GundamNorthrop/status/1528113579957710848
Regardless of cause, serious Chinese regulatory oversight questions seem to arise. An immediate concern: the prospect of contagion. At present, this seems to be a *rural-only* bank run.
But existing evidence suggests it is already spreading to bigger cities.
Large line at a Chinese ICBC Bank (one of the largest state-owned banks) posted June 9.
Translated to English, the tweet below reads âThe bank card system is locked, and these people are here to unlock it. Massive runs are coming.â
twitter.com/yulin18494807/status/1534858889778319361
Read the rest here:
asiamarkets.com/chinese-banks-run/
I've yet to really see this covered anywhere else... who knows... might be psyops ÂŻ_(ă)_/ÂŻ
