Massive Bank Collapse Continues in Communist China

The bad news keeps breaking out in Communist China; in July, we have seen many banks, from county commercial banks to branches of state-owned Big-Fours, undergoing bankruptcies and collapses. Bank collapses and bank runs are breaking out just like the CCP virus pandemic, it is spreading across the country.

A month ago, a thousand bank depositors protested outside the Zhengzhou branch of China Central Bank, amid the freezing of their deposits by some rural-based banks. The banks froze up to 40 billion RMB worth of deposits in April, telling customers they were upgrading their internal systems. But later, the protestors found out they were unable to withdraw any money anymore when suddenly their CCP virus health codes turned red, which determined they wouldn’t be allowed to enter any public venues including banks.

July 11, depositors of Sheng Jing Bank couldn’t withdraw money through an Alipay account; at its Liaoning branch, people couldn’t withdraw a relatively more significant amount.

On July 12, Miles Guo revealed, that the bank collapse in Communist China is getting worse, as the 6 billion RMB assets shareholder of Henan Merchant Bank, his family was not able to withdraw 6 million RMB.

On July 14, Guangdong Hua Xing Bank reported that the depositors couldn’t withdraw money; on the same day, China Industrial Bank announced that out of the 1.6 billion mortgage loan, 3,84 million RMB worth of loan debtors have stopped paying, mostly to their Henan branches. In Xi’an Shanxi Province, thousands of owners of unfinished real estate properties went to the government Bureau and Regulatory Commission, asking for a ceasing of the mortgage payment.