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3Novices:Hundreds try to withdraw savings after rumours start run on Chinese bank

A rare run on a bank has occurred in eastern China, with hundreds of depositors trying to withdraw their cash from a local branch, reflecting the fragility and risks in the nation’s financial system.
Linshang Bank, a lender with 61 billion yuan (US$9.1 billion) in deposits, said in a brief statement on its website that the spate of withdrawals at one of its branches in Linyi in Shandong province on Monday was caused by “a few individuals spreading rumours” that the bank was in…
August 10, 2017 at 11:12AM http://ift.tt/2uIs8eA
#3Novices #News #OnlineMedia #China 3Novices China

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