The $hit's About To Hit The Fan In China As Thousands Riot After Learning Their Bank Accounts Frozen Due To Lack Of Liquidity

Beijing: In China, bank customers have been carrying out massive street protests in the city of Zhengzhou in Henan province after a large number of accounts have been sealed up, seized and funds were frozen. The financial situation has arisen due to liquidity crunch, which is apparently prevailing for about two months now.

Congregating in large numbers, bank depositors in Henan province staged their largest protest against the "corruption and violence of Henan government." The agitators demanded their savings back from the bank that has frozen their deposits since mid-April this year.

There is no denying that the scenes and situations in China are very much akin to Sri Lanka which has been facing its worst economic crisis.

Four rural banks in China's central Henan province, since April, have frozen millions of dollars worth of deposits. This has been threatening the livelihoods of thousands of customers in an economy that has been affected mainly by the COVID-19 pandemic and the subsequent lockdowns.

The protests, which have recently gained steam, have been continuing for the past two months. Agitated depositors have staged several demonstrations in Zhengzhou, the provincial capital of Henan, but their demands have fallen on deaf ears.

Sunday (10 July) witnessed more than a thousand depositors from across the Asian nation congregating outside the Zhengzhou branch of China's central bank, the People's Bank of China, to launch their largest protest yet.