Henan bank crisis savers must ‘wait patiently’ for compensation amid systemic risk, social instability concerns

South China Morning Post/Amanda Lee/7-18-2022

“Customers caught up in one of China’s biggest banking scandals have been asked to ‘wait patiently’ to receive their compensation amid growing concerns over systemic risks and social instability.… Some savers with deposits of less than 50,000 yuan (US$7,400) received their money as promised on Friday, although others encountered a string of problems while trying to register for the repayment scheme due to an overloaded system.”

USAGOLD note: Situations like the one in Henan are not lost on or forgotten by China’s populace. The already strong demand for gold in China is likely to remain elevated as a result. When trouble is at hand, savers do not by and large wait patiently for things to return to normal. This article includes a photograph of a large crowd camped outside a Henan bank demanding return of their money.

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