Beijing: In China, bank customers have protested a large street in the city of Zhengzhou in Henan Province after a large number of accounts were sealed, confiscated and frozen funds. The financial situation has emerged because of the liquidity of the crisis, which seems to be valid for about two months now.
Gathering in large quantities, bank depositors in Henan Province carried out their biggest protest against “Corruption and Henan Government Violence.” The agitators demanded their savings back from banks that have frozen their deposits since mid -April this year.
It is undeniable that the scenes and situations in China are very similar to Sri Lanka who has faced the worst economic crisis.
Why does the Deposit of Bank in China protested?
Four rural banks in the Central Henan Province of China, since April, have frozen millions of dollars. This has threatened the livelihoods of thousands of customers in the economy which is largely influenced by Pandemi Covid-19 and the next locking.
Protest, new ones get steam, has continued for the past two months. The restaurant depositors had held several demonstrations in Zhengzhou, the capital of Henan Province, but their demands had fallen in deaf ears.
Sunday (July 10) witnessed more than thousands of depositors from all Asian countries gathered outside the Zhengzhou branch of the Chinese central bank, the Chinese Rakyat Bank, to launch their biggest protest.
In particular, demonstrations are one of the biggest watched by China since Pandemi Covid.
In June, Zhengzhou’s authority had disrupted the country’s digital covid health code to prohibit the movement of depositors and thwarted the planned protest, which led to national protests.
Videos that have made a round on social media show that bank depositors who protest to increase slogans and wave banners that denounce “corruption and government violence Henan”. Some even hold the national flag to display patriotism is a general strategy for protesters in the country where differences of opinion are suppressed with strength.
The picture also shows the protesters throwing plastic bottles approaching the security guards who then dragged some of them.
Deposits are frozen by banks in China
According to reports in Chinese media, frozen deposits can be worth up to 1.5 billion dollars. Meanwhile, the authorities claim that they are investigating three of the four banks.
The banks that began to freeze millions of dollars in April, told customers at that time that they improved their internal system.
Also, no banks responded to email and phone calls asking for comments.
Which banks have frozen deposits?
According to a report by Asia Markets, six banks in all provinces of Henan and Anhui have effective frozen deposits. They:
– Yuzhou Xinminsheng Village Bank (located in the city of Xuchang, Henan Province)
– Bank Zhecheng Huanghuai (Shangqui City, Henan Province)
– Shangcai Huimin Rural Bank (Zhumadian City, Henan Province)
– New Oriental Village Bank (Kaifeng City, Henan Province)
– Sungai Huaihe Village Bank (Bengbu City, Anhui Province)
– Yixian Regency Village Bank (Huangshan City, Anhui Province).
However, the protest has now moved to the Bank People of China (PBOC) branch in all regions, including in Zhengzhou.
The impact of protest on the Xi Jinping government
Protests by bank depositors came at a politically sensitive time for the ruling communist party. In just a few months, President Xi Jinping is expected to look for a third term of office that has never happened before at the main meeting this fall.
Demonstrations of loss of savings and livelihoods that affect can cause political shame for Jinping.