Yichuan Rural Commercial Bank did not specify the reason for the sudden demand for cash withdrawals, but confirmed on Wednesday that “services and operation are running normally”. Photo: EPA

WeChat rumour sparks run on rural Chinese bank in fresh sign of financial fragility amid economic slowdown

  • Yichuan Rural Commercial Bank in Henan province suffered ‘concentrated cash withdrawals’ on Tuesday
  • Authorities have already been forced to take over or recapitalise Baoshang Bank, the Bank of Jinzhou and Hengfeng Bank in the last six months
Topic |   China economy

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Yichuan Rural Commercial Bank did not specify the reason for the sudden demand for cash withdrawals, but confirmed on Wednesday that “services and operation are running normally”. Photo: EPA
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Market observers believe the People’s Bank of China (PBOC) will refrain from following the US Federal Reserve in cutting interest rates. Photo: Bloomberg

China unlikely to follow expected US Federal Reserve rate cut despite economic slowdown, analysts say

  • Analysts say the People’s Bank of China is unlikely to immediately follow a widely tipped rate cut by the US Federal Reserve
  • The bank has promised ‘prudent monetary policy’ as it deals with domestic issues such as rising consumer inflation and the effects of the trade war with the US
Topic |   China economy

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Market observers believe the People’s Bank of China (PBOC) will refrain from following the US Federal Reserve in cutting interest rates. Photo: Bloomberg
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