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China’s cash crisis includes big state-owned banks and people are scared. Where has the money gone?

It’s becoming less safe to deposit cash in China’s banks. The entire banking system, including the big four state-owned banks, are now restricting withdrawals or online transactions. China is likely to have a massive bank run which will collapse the banking and monetary system, thus further devastating the Chinese economy.
This is Dandong, a city in Liaoning province, a major heavy industry province in northeast China, where people have been waiting in long lines at banks almost every day recently, hoping to get their money. Because the line is so long, local police have come to the scene to maintain order.
Chinese official media has indirectly confirmed that, to a certain degree, a bank run is happening in China. The headquarters of the People’s Bank of China in Shanghai said on June 20th that in the first half of June alone cash deployment was nearly four times that of the same period in 2021. However, the bank didn’t elaborate on whether the total amount of cash was sufficient to meet people’s withdrawal needs.

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Written by China Insights

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  1. Chicom is on the verge of disintegration wohooo. Han wumaos is dead soon. Where has the money gone ? Obviously in CHicom red monster's Pocket that is the straight answer

  2. They have a Command Economy in a communist state. This explains everything. The CCP seems to encourage young people to "lay flat" by doing all these things. This isn't good for their society IMO.

  3. This is how the great depression started. Word spread that there was trouble with the banks and people went into a frenzy trying to get their money out, leading to the stock market crashing. Took America a whole decade (and a war) to get back on their feet.

  4. This is outrageous that the children of powerful people go into the financial world and are corrupt, just like their parents… I'm glad this sort of thing doesn't happen in the US…

    🤔

  5. If they have the money to build so may aircraft carriers, why wont they have the money to return to the people? Or are they actually using the people's money to build aircraft carriers?

  6. I thought mobile payments by phone, using Wechat Pay and Alipay, were replacing cash transactions. Are people having difficulty with their mobile payments? Can they not use their bank accounts at all, or is it just cash withdrawals?

  7. It should be remembered that this problem is TWICE as bad as it seems as for many years China has been printing duplicate or twin notes to every serial number for each note. These are not "fakes", they are twins that are distributed to distant areas in the hope that the two duplicates will never meet.
    It should be remembered that a huge amount of countries have China print their notes for some reason.

    Resist the introduction of "digital currency" in your country. Your savings will disappear at a click of a button.

  8. It's been unsafe to put money in Chinese banks for several years
    Cov just made it crystal clear and well known that the banks ,authorities and the CCP have been stealing people's money and asset for years
    Paying debts,gambling, drugs and hookers don't pay for themselves you know ?

  9. Why do the Chinese fail to understand that property can’t own property? In China, the Chinese people are property of the CCP. Time for them to rise up and change that.

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