‘Financial activities that are abhorred by the public’ will be identified and stamped out, China’s central bank vows as Henan banking scandal threatens to snowball and affect the nation’s entire financial system.
Customers at four Chinese rural banks in Henan province and one in neighbouring Anhui protested after being cut off from their savings since April, with police arresting members of a ‘criminal gang’ and naming another suspect.
A number of protesters remain in police custody, while others say distrust of Henan government is rife amid financial scandal, even as authorities vow to begin repayment of deposits up to 50,000 yuan (US$7,450) this week.
Banking scandal in Henan and Anhui provinces has left thousands of rural residents cut off from their savings for months, sparking protests and a violent response.
Convenient tech is redefining the banking experience and aiding sustainability
Wine has a built-in scarcity factor that will see it continue to outperform many traditional assets
Socially and ethically responsible investing may be the most timely of trends, but fears of greenwashing rightly remain
China’s economy is expected to stabilise later this year, although meeting the GDP growth target for 2022 will be challenging
Banks want a piece of action in the new frontier that is Web3, but issues like investor protection and security need to be addressed
Investors looking forward to a global economic recovery are now seeing a bumpy ride ahead