Saturday, May 31, 2025

Latest

Depositors Protesting Chinese Banks Freezing Their Accounts Met Violent Dispersal

Instead of withdrawing their money, depositors of major rural banks in the Chinese city of Zhengzhou received violent dispersal by security personnel instead, with some sustaining injuries.

Around 1,000 protesters gathered before the Zhengzhou branch of China’s central bank, demanding access to their respective accounts. In April 2022, Yu Zhou Xin Min Sheng Village Bank, Shangcai Huimin Country Bank, and Zhecheng Huanghuai Community Bank all froze deposit accounts due to internal system upgrades.

According to Chinese media, the frozen deposits could be worth up to US$1.5 billion.

“They did not say they would beat us if we refused to leave. They just used the loudspeaker to say that we were breaking the law by petitioning. That’s ridiculous. It’s the banks that are breaking the law,” one of the protesters surnamed Zhang told Reuters.

The protesters originally planned to gather in front of the banking institution a month ago, but they were prevented from doing so as their health passes were changed to “no travel” status. The passes tied to Chinese citizens’ phones have been the government’s way of monitoring movement during the pandemic. This led to the depositors believing that the banks are in collusion with the government authorities.

“I can’t do anything, I can’t go anywhere. You’re treated as though you’re a criminal. It infringes on my human rights,” said another protester surnamed Liu to Reuters.

“They are putting digital handcuffs on us,” added another depositor from Sichuan province surnamed Chen.

While deposits are frozen, some bank clients report that they can access the account if they’re depositing money but not through withdrawals.

As of today, the banks haven’t released any statement regarding the matter. According to state media Global Times, the banks are being investigated for illegal fundraising.


Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

ESGold Begins Concentration Tests Ahead Of First Production

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

Related News

China Expands Military Presence to Solomon Islands

While eyes are fixated on Russia’s war in Ukraine, the Chinese military is looking to...

Thursday, March 24, 2022, 03:09:00 PM

Taiwan Reportedly Fired Warning Shots On Chinese Drone Just A Day After Its Announced Ultimatum

Just a day after Taiwan issued its ultimatum on Chinese drones incursions, the self-governed island...

Tuesday, August 30, 2022, 10:46:09 AM

‘The Big Short’ Michael Burry: Tesla’s Bitcoin Purchase Was A Distraction From Quality Control Complaints

Michael Burry, the infamous hedge fund manager who successfully predicted the US housing market collapse...

Wednesday, February 10, 2021, 05:39:00 PM

China Begins To Lift Covid Restrictions After Days of Protests

The Chinese government has begun easing some virus restrictions, less than a week after residents...

Thursday, December 1, 2022, 07:56:00 AM

Former Conservative Leader Blasts Report On Chinese Election Interference: “This Makes No Sense”

Former Conservative Leader Erin O’Toole is not happy with how the report on Chinese interference...

Tuesday, May 23, 2023, 10:56:00 AM