Chinese Bank Fails on a Large Scale

On the morning of September 2nd, there was news on the Weibo social platform that the Zhejiang Branch of the Bank of Nanjing was closed, and depositors could not withdraw money.

 Local people in Hangzhou learned from nearby merchants that people gathered outside the bank in the morning because they could not withdraw more than 500,000 yuan deposits. Later, the police came and “persuaded” the gathered people to leave the scene.

 The latest large-scale default is related to the Henan Rural Bank incident because the Bank of Nanjing has also issued an announcement saying that it is an agent of the Rural Bank for liquidation. The bank emphasized that the settlement business of commercial banks acting on behalf of village and town banks is only used as a fund settlement channel and does not bear capital risks.

 Then where has the depositors’ money gone?

 Miles Guo said in a live broadcast on November 24th, 2019, that Nanjing City Commercial Bank has 1 trillion yuan in financial papers. Shadow banking is not as crucial as financial papers. The Chinese Communist Party (CCP)’s large-scale default begins with the financial papers of its banks, which is more damaging than shadow banking, and it is a nuclear bomb buried in the financial system of the Chinese regime.

 By the end of 2021, there were 1,651 village and township banks in 31 provinces (including autonomous regions and municipalities), accounting for about 36% of the total number of banking financial institutions. Among them, Shandong, Hebei, and Henan have the largest number of village and township banks, with 126, 110, and 86, respectively.