Angry bank depositors in Henan, China stage protest against “corruption and violence of government”
A large crowd of angry Chinese bank depositors has staged a protest in the Chinese city of Zhengzhou in Henan province, as per reports from Chinese media. They were dispersed by the heavy-handed plain-clothed police, and many got severely injured.
The banks froze millions of dollars’ worth of deposits in April, telling customers they were upgrading their internal systems. The banks have not issued any communication on the matter since, depositors said. None of the banks has responded to emails and telephone calls seeking comment.
Videos and photographs on social media showed depositors waving banners and throwing plastic bottles at approaching security guards who then roughly dragged some of the protesters away.
CITIZENS STORM BANK OF CHINA IN ZHENGZHOU OVER FROZEN ASSETS pic.twitter.com/DDrKaKTCbF
— FXHedge (@Fxhedgers) July 10, 2022
Crowds demonstrated against alleged corruption by local officials and demanded their life savings back from banks that have frozen their deposits.
As the Chinese economy faced an economic slowdown, four banks in Henan Province have since mid-April frozen millions of dollars’ worth of deposits, leaving thousands of small savers without funds and a threat to their livelihood. Anguished depositors have staged several demonstrations in the city of Zhengzhou but all in vain.
Chinese media has reported that the frozen deposits could be worth up to 1.5 billion US Dollars.
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