A rural banking crisis is brewing in China ...Middle East

Quartz - Economy
A rural banking crisis is brewing in China
source : Quartz ( Middle East ) () 14
On Sunday (July 10), angry comments flooded the Weibo page of the US embassy in China, urging Washington to pay attention to a banking scandal. The comments came from depositors whose funds have been frozen in village banks indirectly controlled by the local government in Henan, a central Chinese province. The same day, protests staged by nearly 1,000 depositors  in Zhengzhou, the capital of Henan, were crushed by authorities.Despite the crackdown, Henan authorities agreed the following day to repay deposits totaling 50,000 yuan ($7,434) or less. Frozen deposits exceeding that amount will also be repaid eventually, the authorities said, although they gave no timeline for this process.This so

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