China Deploys Tanks After Top Bank Declares People’s Money ‘Investment Products’

Zhengzhou: The Chinese government has deployed tanks on the streets to protect the banks after the Henan branch of the Bank of China declared that the people’s savings in their branch are now ‘investment products’ and can’t be withdrawn. Notably, the tanks were rolled on the streets to scare Henan bank protestors amid large-scale protests in the province by bank depositors over the release of frozen funds.Also Read – China Account Holders Beware! Chinese Govt Limits Large Cash Withdrawals After Bank Runs

Media reports claimed that the Chinese Peoples Liberation Army (PLA’s) tanks were on the streets to protect Banks (Rizhao, Shandong Province). Also Read – China claims wins in returning fugitives, funds from abroad

The incident comes in the light of the Henan branch of the Bank of China declaring that people’s savings in their branch are ‘investment products’ and can’t be withdrawn. Also Read – Modi, Xi agreed to cherish, implement Wuhan consensus: China

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This incident is a grim reminder of the horrific June 4, 1989 – Tiananmen Square massacre when Chinese leaders sent in tanks and heavily armed troops to clear Beijing’s Tiananmen Square, where student protesters had gathered for weeks to demand democracy and greater freedoms.

Despite promises that depositors in China’s Henan villages will get their frozen money back in batches with the first due on July 15, only a handful of depositors have received the payments, posing a serious question on whether banks have anything to spare.

Earlier this month, more than 1,000 depositors had gathered outside the Zhengzhou branch of the country’s central bank, the People’s Bank of China, to launch their largest protest.

According to the notification issued by Henan Provincial Financial Supervision Bureau, some bank depositors in Henan villages and towns were supposed to get their deposits back on July 15.

However, non-mainstream media believe that only a very few handfuls of depositors have made these payments. Chinese state media has also not posted anything about the repayment.

During the large-scale protests in Henan province by bank depositors over the release of frozen funds, white-clothed men, who are suspected to be from the Chinese People’s Armed Police Force, suppressed the protests in front of the Zhengzhou People’s Bank of China (PBoC) office, local media reported.

(With inputs from ANI)

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