China's Banking Crisis Worsens

Depositors protest in front of the Henan branch of the China Banking and Insurance Regulatory Commission, demanding their money back after their funds were frozen. From Lan Nuo Nuo in February

CNN: Small banks in China are running into trouble. Savers could lose everything

Peter had put his life savings of about $6 million into accounts at three small banks in China’s central Henan province. He says he hasn’t been able to access them since April.

The 45-year-old entrepreneur asked us to call him Peter for security reasons. He’s from the eastern city of Wenzhou and is just one of thousands of depositors who have been fighting to recover their savings from at least six banks in rural provinces in central China.

“I’m close to having a nervous breakdown. I can’t sleep,” Peter told CNN Business.

When he tried to access his accounts online, a statement would pop up on the homepage informing him that the website was under maintenance and services would be unavailable for a while, Peter told CNN Business. Two months later, those services have not been restored.

The trouble began in April, when four banks in Henan suspended cash withdrawals.

Read more ....

WNU Editor: This crisis is (so far) limited to the small banks in China. But if it continues and spreads, it will not only impact China, but global markets as well.

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