Financial crisis in China : Banks are collapsed, customers were banned from going to the bank and accounts were frozen

Jul Tue 2022 01:59:12

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Financial crisis in China  : Banks are collapsed, customers were banned from going to the bank and accounts were frozen

Kathmandu.  A major banking crisis has occurred in China. The situation is so bad that many banks have banned their customers from withdrawing money. In this situation, thousands of people have been demonstrating on the streets since April. Demonstrations have turned violent in many places. Keeping this in mind, tanks have now been deployed around the bank.

A video is going viral on social media. This video is from Henan Province. Several tanks are seen lined up here. The administration has instructed to deploy tanks to prevent people from entering the bank. In fact, an article was published in the South China Morning Post in April. It talked about scams in Chinese banks. It was claimed that 40 billion yuan, or about 6 billion US dollars, had disappeared from China's banking system.

After this, banks in Henan and Anhui provinces blocked people from accessing bank accounts. This was what people called a 'system upgrade'. New Oriental Country Bank of Kaifeng, Sicheng Huanghui Community Bank, Shanghai Huimin County Bank and Yuzhou Xin Min Sheng Village Bank were the most affected.

People have been running here for three months, but they are not even allowed inside the bank.Seeing the tanks on the streets, people are comparing it to the Tiananmen Square incident. In 1989, people demonstrated against the government in Tiananmen Square. At that time, the army attacked the protestors with tanks. More than 3 thousand people were killed. European media suspected a massacre of 10,000 people.