China Deploys Tanks To Protect Banks From Protesters Demanding Their Money

Authorities in China have deployed tanks in an effort to quell protests from people who are unable to take their savings out of the banks.

According to a report in the Economic Times there have been clashes in the Henan province between police and citizens who claim they have not been able to take any money out from local banks since April this year.

MSN reports: Videos posted to social media show tanks on the streets to deter protesters, in scenes eerily reminiscent of the unrest at Tiananmen Square in 1989, where Chinese authorities heavily cracked down on student protesters calling for democracy.

The Beijing government’s actions caused the deaths of hundreds, if not thousands, of young people and the incident is regularly scrubbed from Chinese social media platforms by state censors.

The recent banking protests were first ignited after thousands of customers opened accounts at the banks in Henan and neighbouring Anhui province that offered relatively high interest rates.

They later found out they could not make withdrawals after reports that the head of the banks’ parent company was wanted for financial crimes.

When depositors tried to go to Zhengzhou in Henan to try to get their money back from the six financially troubled rural banks they were stopped from travelling by a Covid-19 health app on their mobile phones, sparking regular protests.

Due to the continued protests financial regulators have promised to give some bank customers some of their deposits back.

In statements issued last week, officials said customers with deposits of 50,000 yuan (£6,280) or less would be reimbursed. They said others with larger bank balances would get their money back at a later, unspecified date.

The announcement by regulators was received with scepticism by customers who have been organising protests online and offline since April to try to get their money back.

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