China deploys TANKS in the streets to prevent citizens from withdrawing their money from banks amid collapsing financial system

According to video clips posted to social media, the Chinese government is deploying tanks and armed troops to surround banks in order to prevent citizens from withdrawing their money and collapsing the cash-strapped financial institutions.

One post on Twitter noted: "BREAKING: Tanks have been deployed on on the streets of China to protect the banks - Due to the Henan branch of the Bank of China declaring that people's SAVINGS in their branch are now 'INVESTMENT PRODUCTS' and can't be withdrawn."

BREAKING: Tanks have been deployed on on the streets of China to protect the banks - Due to the Henan branch of the Bank of China declaring that people's SAVINGS in their branch are now 'INVESTMENT PRODUCTS' and can't be withdrawn.

Customers caught up in one of China's biggest banking scandals have been asked to "Wait patiently" to receive their compensation amid growing concerns over systemic risks and social instability.

"The action plan is to repay the principal of these customers in batches," said an unnamed official from the China Banking and Insurance Regulatory Commission in an interview with the state-owned China Banking and Insurance News in what was an exceedingly rare, yet wide-ranging, interview published on Sunday, the SCMP noted.

The outlet noted that a preliminary probe revealed that the Henan Xincaifu Group had gained control over five rural banks via "Internal and external collusion" while "Illegally" attracting deposits from customers who contributed to savings accounts, the CBIRC noted.

"The list of Chinese homebuyers refusing to pay their mortgages is growing. It's gotten so severe that experts are calling it a threat to the country's financial system. Chinese authorities held an urgent meeting with banks to discuss the situation. But for now, many are left wondering if it's already on a collision course," NTD News reported.

https://www.naturalnews.com/2022-07-25-china-deploys-tanks-prevent-citizens-from-withdrawing-money.html