Chinese Authorities Announce the Date of Activation of Withdrawal Transactions

Customers of 5 banks operating in Henan province of China protested in front of the PBoC (Central Bank of China) Zengzhou branch after they could not reach their deposits for a long time. After the protests, the authorities got involved.

rural provinces of china in Zengzhou city of Henan citizens located in regional banks that they have not been able to withdraw their deposits since April 18 by stating PBoC Zengzhou in front of your branch they protested.

More than 3,000 protesters citizens at the protest alleged to have attended ‘We want our savings’ They demanded their rights with written banners. who want to intervene during the protest Clashes broke out between security forces and protesters. Police killed many protesters detained stated that it was received.

It is stated that customers have been suffering from this problem since April 18. On April 18, millions of dollars of deposits in banks were frozen and banksits customers stated that it was due to a renewal in the systems however, customers stated that no disclosure has been made since then.

China Banking and Insurance Regulatory Commission and Henan Financial Audit and Management Bureau In the joint statement they published, the withdrawal process step by step will be carried out and on July 22 will begin in the first stage 50 thousand yuan (US$ 7,435) and stated that withdrawals will be made for accounts with lower balances.

About five banks Xuchang Public Security Bureau, which oversaw the investigationin his statements yesterday, a majority stake in two of the five banks is held by a criminal gang that and since 2011 banks reported that it was used for illegal credit and fund transfers.

Behind frozen deposits, according to some experts it could be more than a simple corruption and fraudulent activity. Experts say the Chinese real estate company that broke out on December 21 of Evergrande debt crisis and another real estate company that recently defaulted by delaying its debt repayment shimao taking into account They think the debts of Chinese real estate companies may have triggered a possible liquidity crisis.

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