PBoC to use deposit insurance fund to repay Henan bank victims

pboc building
The People’s Bank of China

China’s central bank is planning to tap into a national deposit insurance fund to repay depositors caught up in a rural banking fraud for more than a year.

The People’s Bank of China has agreed to share the cost of refunding customers with the Henan government, according to two unnamed officials quoted by the Financial Times.

The banking scandal came to light in April last year when depositors at four rural lenders in Henan province found themselves unable to withdraw funds from their accounts

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