China Bank Run Fears Intensify As Violent Clashes Break Out This Weekend
Concerns are growing over the intensifying risk of a full scale bank run in China, with mass protests held outside bank branches in China's Henan Province throughout this weekend.
Asia Markets has verified video and images shared across Chinese social media platforms, including Weibo and WeChat, showing violent clashes between police and depositors who have been unable to withdraw funds.
Asia Markets recently exclusively revealed six banks across the Henan and Anhui provinces which have effectively frozen deposits.
These banks remain at the center of the anger, however the protests have now moved to People's Bank of China branches across the region, including in the capital, Zhengzhou.
There have been suggestions contagion is unfolding across China with large lines seen at banks in Shanghai and Beijing in recent weeks.
A major run on Chinese banks would have serious global implications.
"They felt like they were getting silence for the bosses of rural banks and authorities, now they want the Government to address this big problem so the fury has moved to the People's bank."