Thousands of protesters took to the streets of Henan, China demanding access to bank deposits which have reportedly been frozen since April.
WATCH: Riots after bank in China’s Zhengzhou city froze deposits and barred people from withdrawing money pic.twitter.com/pYa4zDpJSR
— Insider Paper (@TheInsiderPaper) July 11, 2022
The New York Times reported that authorities in the city had tried to use ‘covid health pass’ apps to shut down the protests, ultimately causing a further outcry as increasing numbers of customers desperately attempted to retrieve their money.
Government enforced ‘crackdowns’ are what is reported to have led to four Chinese banks locking down deposits.
MSN reported, that “Beijing’s efforts to rein in a property bubble and spiralling debt, in a financial crackdown that has had ripple effects across the world’s second largest economy.”, are what led to the accounts being frozen.
🔻 clashes broke out at 11am+!
64/n pic.twitter.com/GnlG8PNJDW
— Byron Wan (@Byron_Wan) July 10, 2022
CNN reported that “Since April, four rural banks in China’s central Henan province have frozen millions of dollars worth of deposits, threatening the livelihoods of hundreds of thousands of customers”.
Chinese authorities violently dispersed a peaceful protest by hundreds of depositors, who sought in vain to demand their life savings back from banks that have run into a deepening cash crisis.https://t.co/UCLRGWRz4h
— CNN (@CNN) July 11, 2022
The protests are concentrated in Zhengzhou, the provincial capital of Henan where local authorities have alleged that the protests, rare in the tightly controlled communist state, are being arranged by ‘criminal gangs’.
61/n pic.twitter.com/fvMVlGKb6N
— Byron Wan (@Byron_Wan) July 10, 2022
According to reporters on the ground protesters were heard shouting ‘gangsters’ at police as they flooded the area.
The depositors are yelling “黑社会” (mafia or gangsters) at the hundreds of cops marching in.
52/n pic.twitter.com/QVPAYrGwNJ
— Byron Wan (@Byron_Wan) July 10, 2022
Images have since emerged online of multiple arrests, and injured protesters being held in what appears to be a police vehicle.
A group of people were arrested at the Henan Bank rights protection scene. It's terrifying! #郑州 #河南村镇银行 #ChinaHenanBank #HenanBankCrisis #Zhengzhou #Henan pic.twitter.com/seVEF1XB8j
— PN News (@PN_News_EN) July 10, 2022
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