An angry crowd of protestors stormed the Zhengzhou branch of the Bank of China after their deposits were frozen, resulting in their being unable to withdraw their money.
While the world of high, and not so high, finance is preoccupied with the volatility of cryptocurrencies and recent painful losses for overlevered players who, much to the surprise of ordinary equity investors, were not bailed out by a generous Fed (which, however, only rescues stock markets, not cryptos), things in China are once again heating up with its $54 trillion financial system, or more than double the size of assets across US commercial banks.
According to Reuters, amid the freezing of their accounts by certain rural banks, a large gathering of angry Chinese bank depositors clashed with police on Sunday in the city of Zhengzhou. Many of them sustained injuries as they were being hauled away.
In April, the banks froze deposits totaling millions of dollars while informing their clients that the...
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