Protests Over Banking Scandal Held in China

Protests were held in the Chinese province of Henan over a banking scandal that involved millions of dollars worth of deposits to Chinese rural banks.

The demonstrations were held in the city of Zhengzhou in the province of Henan, where at least 1,000 protesters held up banners and chanted slogans on the steps of the entrance of a branch of the Chinese central bank.

Since April, hundreds of thousands of people around China have tried to withdraw money they deposited in four rural banks with locations in Henan and the nearby province of Anhui on the promise of higher interest rates.

However, the depositors later discovered that they were unable to withdraw their money as media rumors circulated that the CEO of the bank’s parent firm was missing and wanted for financial crimes.

Guo, a depositor, told the South China Morning Post (SCMP) that protesters had traveled from all around China and had arrived at the scene as early as 4 am.

“We wanted to solve the issue that we have not been able to withdraw deposits from the rural banks for more than 80 days,” said Guo. 

When victims attempted to organize a protest in June, many of them discovered that the health codes on their phones that were required to utilize public transportation or enter buildings had changed to red, which meant it had designated them as a COVID risk.

The protesters who were at Zhengzhou were also lattacked by men in white shirts while some have been rounded up by police. 

Late on Sunday, the Henan banking and insurance regulator declared that it was moving on with its plans to address the crisis and “protect the legal rights and interests of the broader public.”

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