Security scuffle with Chinese protestors demanding $1.5 billion in frozen bank deposits

Published

4 years ago

July 11, 2022

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.

https://twitter.com/W0lverineupdate/status/1545979633849380864

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

Australian Dollar surges: What $0.70 means for markets

Australian dollar surges 5% to $0.70, impacting importers, exporters, and big miners amid rising interest rates.

Published

11 hours ago

February 18, 2026

Harvey Vargas

Australian dollar surges 5% to $0.70, impacting importers, exporters, and big miners amid rising interest rates.

The Australian dollar has jumped more than 5 percent against the U.S. dollar this year, now trading around $0.70. This rapid rise has sparked mixed reactions for importers and exporters as Australia’s materials sector shows signs of bouncing back, despite concerns over rising interest rates.

Dale Gilham from Wealth Within breaks down the factors behind the AUD surge, the implications for commodities, and what it means for big miners like BHP. From profits to strategy, we explore how the market is reacting to this currency shift.

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S&P 500 rises as financial stocks lead and tech slips

S&P 500 rises 0.4% thanks to financial stocks; software struggles amidst AI concerns. Subscribe for updates!

Published

11 hours ago

February 18, 2026

Harvey Vargas

S&P 500 rises 0.4% thanks to financial stocks; software struggles amidst AI concerns. Subscribe for updates!

The S&P 500 climbed 0.4% on Tuesday, boosted by strong gains in financial stocks. Citigroup and JPMorgan led the rally, showing investors are rotating money into the sector as tech stocks faltered.

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Market watchers are now turning their attention to upcoming inflation reports later this week, looking for signals that could shape the next moves in the market.

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Australia’s GST debate heats up amid tax reform push

Australia debates GST expansion amid aging population pressures and personal income tax concerns; expert insights from Dr. Steven Enticott.

Published

1 day ago

February 17, 2026

Harvey Vargas

Australia debates GST expansion amid aging population pressures and personal income tax concerns; expert insights from Dr. Steven Enticott.

Australia is facing a fierce debate over tax reform, with fresh calls to broaden the Goods and Services Tax as the government searches for more stable revenue streams. With an ageing population putting pressure on health, pensions and long-term spending, economists argue the current reliance on personal income tax may not be sustainable.

Dr Steven Enticott from CIA Tax joins Ticker to break down the real impact of expanding the GST, including how it could affect lower-income households, whether taxing unrealised gains would change investor behaviour, and what compensation mechanisms could soften the blow on essential goods. The political risks are high, but so are the fiscal stakes.

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