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News Link • China

Is The China Bank Run Beginning? Farmers Co-Op Unable To Pay Depositors

•, Tyler Durden
 As China's CNR reports, depositors in some of Yancheng City's largest farmers' co-operative mutual fund societies ("banks") have been unable to withdraw "hundreds of millions" in deposits in the last few weeks. "Everyone wants to borrow and no one wants to save," warned one 'salesperson', "and loan repayments are difficult to recover." There is "no money" and the doors are locked.
Shadow Banking has grown remarkably... recent years, opened dozens of Yancheng local "farmers mutual funds Society", these cooperatives approved the establishment by the competent local agriculture, and received by the local Civil Affairs Bureau issued a "certificate of registration of private non-enterprise units."

As savers are promised big returns...

 Deposit-taking and lending by cooperatives operated operation, and to promise savers, depositors after maturity deposits not only can get the interest, you can also get bonuses.

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