Matters got ugly (uglier) in China's bank run crisis:

Reports from China now are that financial regulators in central China (province of Henan) have ordered payments of smaller amounts, starting Friday, and bigger totals later.

  • Henan Bureau of the China Banking and Insurance Regulatory Commission (CBIRC) and the Henan Local Financial Supervision and Administration Bureau announced the decision on reimbursing depositors yesterday, to begin from Friday.
  • Individuals with deposits of up to 50,000 yuan ($7,440) will be repaid starting Friday
  • Those with deposits of more than 50,000 yuan will be paid later

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Depositors have been embroiled in this nightmare since April. Some were carted off to prison over the weekend when they protested.

CNY