Bank runs in China?

shri · 12-07-2022, 08:30 AM

@mengfei - any clues why there are rumors about some bank runs in China? Also hearing things about Yuen Kong style patriotic neighborhood watch guys doing crowd control.

Cheeky Kiwi · 12-07-2022, 09:09 AM

https://edition.cnn.com/2022/07/10/c..._medium=social

Cheeky Kiwi · 12-07-2022, 09:12 AM

The twitter thread to satisfy your Yuen Long cravings:

https://twitter.com/Byron_Wan/status...75626477187073

HSY · 12-07-2022, 09:55 AM

This time, most protesters arrived outside the bank before dawn -- some as early as 4 a.m. -- to avoid being intercepted by authorities.

Some of protestors seem puzzled at what laws they have broken. I don't know the exact laws in Zhengzhou but there should be one that states gatherings and assemblies in public are illegal or at a min, require permit application and pre-approval before you can demonstrate. So they would have gathered there knowing full well they are breaking the law and resisting police efforts to disperse the crowds would naturally be met with physical force. Even if there isn't one, they should be able to enact one fairly quickly so please stop your demonstrations and abide by the law.

I think the sensible thing to do is to wait for further news at home - a lot of ppl are affected and the gov already said they will do something about it so we'll see. There's no need to be so radical and violent. Forming crowds easily lead to chaos, you don't know everyone's intentions there. Some want to sit there and demonstrate peacefully but others more extreme just want to rage at the authorities, don't become accomplices to their crimes and get swept into doing things.

Gatts · 12-07-2022, 10:02 AM

Originally Posted by HSY:

Some of protestors seem puzzled at what laws they have broken. I don't know the exact laws in Zhengzhou but there should be one that states gatherings and assemblies in public are illegal or at a min, require permit application and pre-approval before you can demonstrate. So they would have gathered there knowing full well they are breaking the law and resisting police efforts to disperse the crowds would naturally be met with physical force. Even if there isn't one, they should be able to enact one fairly quickly so please stop your demonstrations and abide by the law.

I think the feasible thing to do to wait for further news at home - a lot of ppl are affected and the gov already said they will do something about it so we'll see. There's no need to be so radical and violent. Forming crowds easily lead to chaos, you don't know everyone's intentions there. Some want to sit there and demonstrate peacefully but others more extreme just want to rage at the authorities, don't become accomplices to their crimes and get swept into doing things.

What are you on about? The peaceful crowds were by all accounts under attack by white shirt gangs arranged by the authorities. Definitely same tactics as were used by the govt in the Yuen Long 7.21 terror attack.

mengfei · 12-07-2022, 10:02 AM

Originally Posted by shri:

@mengfei - any clues why there are rumors about some bank runs in China? Also hearing things about Yuen Kong style patriotic neighborhood watch guys doing crowd control.

they are saying is that to prevent money fraud/ laundering - WTH!!!
even the big bank ICBC here is holding back depositors money & even a (some) foreigner was warned not to join in the protest. But it seems to be happening in certain counties & not the whole of china & certainly not in the big major cities (YET!) most or ALL banks are state run over here

people are speculating that the gov is running out of cash coz of the daily test & lockdowns they implement here. Today we have another test in our factory coz a few cases has now pop-up again in our surrounding place - not in our place!

https://youtu.be/KRWTVm4C8wM

shri · 12-07-2022, 10:17 AM

Got it... Nothing happened. Smile and wave...

HSY · 12-07-2022, 10:39 AM

speculating... so ppl are still not sure if it is, even with the news about state-owned corps defaulting on debt all this time...

Originally Posted by mengfei:

they are saying is that to prevent money fraud/ laundering

This is true. Money is fungible that's why liquidations and sorting out whose claims come first take so damn long. And this is also consistent with HK. If you are suspected of illegal activity e.g. stole $100k, they will freeze all your bank accounts pending investigation and not just freeze 1 account with enough money to cover the stolen money. That's probably why so many ppl can't withdraw.

Gatts · 12-07-2022, 11:42 AM

https://twitter.com/JeromeTaylor/sta...ZZ34lDl4g&s=19

er2 · 12-07-2022, 11:55 AM

There is a really petty malevolent side of me that is chuckling at having flag-waiving mainlanders getting a taste of the same medicine that Hongkongers were given. Need to learn to keep this in check don't want to become a miserable misanthrope before 75.

That being said, I am wondering about the big picture. If it is on CNN, it _must_ have come to the attention of the central authorities. At the same time, China as a whole should be flush with cash - lower reserves due to the economic impact of the lockdowns and whatnot but that should be a got-but-buy-a cheaper-Rolls-this-month problem. So why aren't they just replacing the leadership of Henan / local banks and move on?