Zhengzhou: The Chinese authorities have deployed tanks in the streets to guard the banks after the Henan Department of the Bank of China declared that the people’s financial savings of their department are now ‘funding products’ and can’t be withdrawn. Notably, the tanks have been rolled on the streets to scare Henan financial institution protestors amid large-scale protests withinside the province via way of means of financial institution depositors over the discharge of frozen price range. Also Read - China Account Holders Beware! Chinese Govt Limits Large Cash Withdrawals After Bank Runs
Media reviews claimed that the Chinese Peoples Liberation Army (PLA’s) tanks have been on the streets to guard Banks (Rizhao, Shandong Province). Also Read - China claims wins in returning fugitives, price range from abroad
The incident comes withinside the mild of the Henan Department of the Bank of China putting forward that people’s financial savings of their department are ‘funding products’ and can’t be withdrawn. Also, Read - Modi, Xi agreed to cherish, put in force Wuhan consensus: China
This incident is a grim reminder of the bad June 4, 1989 – Tiananmen Square bloodbath while Chinese leaders despatched in tanks and closely armed troops to clean Beijing’s Tiananmen Square, in which pupil protesters had accrued for weeks to call for democracy and more freedoms.
Despite guarantees that depositors in China’s Henan villages get their frozen cash again in batches with the primary due on July 15, most effective a handful of depositors have acquired the payments, posing a critical query on whether or not banks have something to spare.
Earlier this month, greater than 1,000 depositors had accrued outdoor the Zhengzhou department of the country’s important financial institution, the People’s Bank of China, to release their biggest protest.
According to the notification issued via way of means Henan Provincial Financial Supervision Bureau, a few financial institution depositors in Henan villages and cities have been imagined to get their deposits again on July 15.
However, non-mainstream media consider that most effective a completely few handfuls of depositors have made those payments. Chinese nation media has additionally now no longer published something approximately the repayment.
During the large-scale protests in Henan province via way of means of financial institution depositors over the discharge of frozen price range, white-clothed men, who were suspected to be from the Chinese People’s Armed Police Force, suppressed the protests in front of the Zhengzhou People’s Bank of China (PBoC) office, nearby media reported.
