Thousands gathered in Southwest Beijing outside China’s central bank to protest frozen deposits, before facing heavy-handed security.
Around a thousand people gathered in the Chinese city of Zhengzhou in Henan province to protest rural-based banks who froze an estimated $1.5 billion worth of deposits on Sunday.
Those that gathered outside the Zhengzhou branch of China’s central bank are among the thousands of customers who opened accounts with a select few banks who offered higher interest rates.
Customers later found they couldn’t withdraw their funds after the head of the banks’ parent company was wanted and on the run for serious financial crimes.
The millions of dollars worth of deposits have been frozen since April, the reason given by the banks’ being due to internal systems upgrades.
The banks in question haven’t responded to calls to make a comment on the matter.
Footage shows that the protest was eventually broken up by plain-clothed security personnel who allegedly outnumbered protestors, three-to-one.
Citizens storm the Bank of China in Zhengzhou over bank account freezes. Banks froze millions of dollars in deposits last April, simply explaining to savers that they need to upgrade their internal systems. Since then, customers have not received any kind of communication. pic.twitter.com/XS9zuXRuEK
— RadioGenova (@RadioGenova) July 10, 2022
One 40-year-old protestor by the last name Zhang told a Reuters reporter, “I feel so aggrieved I cant even explain it to you.”
The man says he had been hoping to get back the $25,000 that he deposited with on the banks, Zhecheng Huanghuai Community Bank.
He says four unidentified security personnel took him away The clash with security also resulted in him suffering injuries to his foot and thumb.
“They did not say they would beat us if we refused to leave. They just used the loudspeaker to say that we were breaking the law by petitioning. That’s ridiculous. It’s the banks that are breaking the law.”
Zhang, Protestor
