China’s banking-crisis victims promised money, but outcry as ‘it doesn’t solve underlying problem’
- Authorities in Henan and Anhui provinces say some victims of financial scandal will be able to access money this week following violence at weekend
- Some protesters are said to remain in police custody, while others say distrust of the Henan government is rife and transparency remains poor
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Victims of one of China’s worst financial scandals attacked by unidentified men in white at protest
Chinese authorities will start repaying some victims of one of the nation’s biggest ever financial scandals later this week after hundreds of savers took to the streets at the weekend in protest, but the move has still been met with disappointment and calls for more transparency.
Individuals with deposits of up to 50,000 yuan (US$7,450) with Yuzhou Xinminsheng Village Bank, Shangcai Huimin County Bank, Zhecheng Huanghuai Community Bank or New Oriental Country Bank of Kaifeng in Henan province will be repaid from Friday.
The same arrangement has been made for Guzhen Xinhuaihe Village Bank in Anhui province, but accounts that are suspected to have involved illegal activities, or which received high interest from other channels, will not receive the repayment.
Arrangements for the remaining savers have yet to be announced, according to two statements from branches of the China Banking and Insurance Regulatory Commission (CBIRC) in Henan and Anhui provinces on Monday.
It looks like Henan really has no money. If the central government does not bail it out, it is us – the depositors – who will suffer
“It doesn’t solve the underlying problem,” said a saver surnamed Hang, who has a total of 860,000 yuan (US$128,000) in savings with three of the four rural banks in Henan province with her parents.
