So as usual I will speak about it here on this website! From Asiamarkets.com.
By Henry Chia
Bank runs occur when people scramble to withdraw cash from banks in fear of collapse. In the worst cases, banks’ liquid cash reserves are exhausted, not everyone gets their money and the bank defaults.
It’s a grim scenario which, fortunately, has occurred rarely in history.
The most significant bank runs in the United States took place during the 1930’s Great Depression. More recently, there were runs on numerous U.S. banks during the Financial Crisis in 2008.
In Asia, bank runs have also been rare. A run on Japanese banks in 1927 led to the collapse of dozens of institutions across the country. There was a banking crisis in Myanmar in 2003 which the country has never really fully recovered from.
But perhaps since the Great Depression, none has been as significant compared to what is seemingly unfolding in China right now.
Multiple sources contacted by Asia Markets, have confirmed deposits at the following six banks have been frozen since mid-April.
- Yuzhou Xinminsheng Village Bank (located in Xuchang City, Henan Province)
- Zhecheng Huanghuai Bank (City of Shangqui, Henan Province)
- Shangcai Huimin Rural Bank (Zhumadian City, Henan Province)
- New Oriental Village Bank (City of Kaifeng, Henan Province)
- Huaihe River Village Bank (Bengbu City, Anhui Province)
- Yixian County Village Bank (Huangshan City, Anhui Province)
It’s understood the banks with branches across the Henan and Anhui Provinces successively issued announcements in April, stating they would suspend online banking and mobile banking services due to a system upgrade.
At the same time, clients reported their electronic deposits in online accounts, mobile apps and third-party platforms could not be withdrawn.
This led to depositors rushing to local bank branches, only to be told they were unable to withdraw funds.
By late May, images emerged on Chinese social media of demonstrations at the front of numerous bank branches. Asia Markets has verified these images with local contacts. Read the rest by clicking HERE.
Folks this isn’t good at all and as the article goes onto say this could be much worse than 2008! What usually happens when the world economy takes a dive? World War and that’s already begun. Prayed up and prepped up!
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