China's largest developer, Evergarnde, is in financial trouble causing a run a run on banks like Bank of Cangzhou. There are more signs of trouble that I will post here on this thread. One of heavily indebted Chinese property developer Evergrande’s local lenders displayed this week a “cash wall” of renminbi notes at its office after depositors queued up to withdraw their deposits in what could be the front edge of a bank run crisis in China. Hundreds of people have queued up at the Bank of Cangzhou’s head office in Hebei province to get their deposits out of the bank since October 7, according to photos and videos circulated on social media. The mini-run came after netizens circulated a post that claimed dozens of Chinese banks would need to write off their loans if Evergrande went bankrupt. According to the social media post, Evergrande owes Cangzhou Bank about 3.4 billion yuan (US$466 million). Asia Times could not independently confirm the figure in time for publication. Evergrande bankruptcy fears spark a bank run in China Evergrande, the ‘runaway’ developer that could become a wrecking ball for China’s economy This video below will show you what is really going on in China... This is an add on to my story above and details other parts of China's fake economy. China is one big ponzi scheme... with an economy that is crashing as I type this.
China will be entering some hard times between its economy and shrinking population. They are estimated to lose 400 million in the next 60 years which is crazy.
