Chinese authorities step in amid banking crisis in Henan
Promise to repay depositors follows violent clashes between account-holders and local security officials
Authorities in China’s Henan province said on July 11 they will start repaying customers whose deposits have been frozen by four rural banks at the centre of a banking crisis.
The latest announcement came a day after local authorities quelled a protest over the frozen funds at a branch of China’s central bank in Zhengzhou, Henan’s capital.
In a statement, the Henan Banking and Insurance Regulatory Bureau and the Henan Provincial Local Financial Supervision Bureau said “advance payments” will
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