August8 , 2022

Why Chinese can’t get their money back from banks

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Updated: Jul 30, 2022, 08:34 IST

Several local banks in China have had to freeze withdrawals to prevent a bank run, which is when a large number of depositors, fearing that their bank will be unable to repay their deposits in full and on time, simultaneously try to withdraw their funds. They had systemic issues that the Covid-19 pandemic and a real estate slump made worse. Some experts liken the situation to the bursting of the US housing bubble that triggered the 2008 financial crisis.
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