Waiting in Line for Hours to Withdraw Funds Bank Runs Increase in China as Bank-Issued Digital Currency Use Expands
by Brian Shilhavy
Editor, Health Impact News
China continues to lead the world in implementing the Globalists’ Great Reset, as financial systems around the world begin to collapse. Watching what is happening in China, if you can find the heavily-censored news, will give a preview of how things are likely to unfold in other countries.
Bank failures now seem to be accelerating in China, as panic begins to set in among the public, and it is being reported that in some areas people are standing in line for many hours trying to withdraw funds from their accounts.
The run on banks is apparently a reaction to the story we covered last week where over 1 million residents in China’s Henan Province were prevented from withdrawing their money from their bank, with many losing their entire life savings. As protesters were heading to Henan province’s capital Zhengzhou to demand to get their money back, Chinese health authorities used their COVID-19 tracking app to turn up “red,” forcing them into quarantine, in order to stop the protests. See:
Chinese Protesters Demanding Bank Funds Returned Reportedly Stopped by Health Code Apps Turning Red
Emma Wilson from The BL reports how bank runs have now spread to other locations.
Struggling since 2 am: Long lines in front of banks in Henan, Shanghai, and Dandong
Recently, freezing depositors’ accounts by four rural banks in Henan has become a hot topic on social media. As a result, customers of these banks could not withdraw their money which led them to move to Zhengzhou, Henan to claim their rights. Following Henan, banks in Shanghai and Dandong (Liaoning) also witnessed a long traffic jam in front of their headquarters.
Youtube channel Zai Ye Shuo posted a video stating that on June 17, many people lined up outside Dandong bank waiting to withdraw their money. The channel wrote, “Done! Bank can’t withdraw money! There was a run on a bank in Dandong, Liaoning, and a thunderstorm on the banks of Henan village caused panic.”
In the video, a long line of depositors can be seen outside Dandong bank, hoping to be able to withdraw their money.
Another video shows the traffic jam at Dandong Bank, Liaoning, on June 16.
Vision times quoted a witness as saying: “When I went to the Rural Commercial Bank, the rural merchants had no money, when I went to Dandong Bank, there were many people, I don’t know in the end whether they got the money or not.
Seeing so many people waiting to withdraw money, a man at the scene said: “It’s been like this these days, it’s like that every day.”
The incident that many depositors in Dandong City, Liaoning Province, could not withdraw their deposits sparked a wave of comments:
“Banking tricks, they purposely tell you to take out so they don’t have to pay interest.”
“Many banks in mainland China are about to collapse! They are closed.”
“The people’s sweat, tears, and riots, heaven will not forgive them.”
“Will future recipients be charged with plotting to overthrow the country?”
“It hurts to see such a great and weak country.”
“People with money in the bank should give it as soon as possible to buy valuables to preserve their value. The bank storm will have a chain reaction. Dandong is just the beginning.. . Let’s see!”
“Hell on earth, really pitiful”
“The party said to the commonwealth. Your money is the party’s money. The party’s money won’t be yours, how can the leeks be under the illusion that they still have their own money?”
“Give green code to savers, red code to withdrawers … Done.”
“Poor! I still haven’t received my money!”
Netizens Tweeted a video on June 17 stating that Shanghai Bank has a limit of 300 trading accounts per day, and many people are queuing in front of the bank.
A netizen who shared an image on June 15 showed that many older adults in Shanghai also had to queue to receive their pensions. However, many did not receive them because the bank only issued 100 serial numbers daily.
Another netizen shared a picture of an old man at 7:30 a.m. on June 15. The older man was standing in front of a bank in Shanghai and talking to himself. It was the seventh time the old man came to receive his pension after the pandemic. The older man ranked 117 and had to wait until the afternoon. He had fully prepared bread and water for himself. This is the current situation of the elderly in Shanghai.
Another video shows retirees lining up in front of the Shanghai Bank.
Sina Finance said that many people began to line up before 2 a.m. However, until 5 a.m., they still have not received the number to withdraw money. (Full article.)
Bank-Issued Digital Currencies are the Globalists’ Solution to Bank Failures
When the current banking system can no longer meet the demands of its depositors, the Globalists will move on to the next phase of the Great Reset, which is to replace currencies and hard cash with Central Bank Digital Currencies (CBDCs).
While many of us in the Alternative Media have been warning about the dangers of CBDCs for years now, most in the general public are totally unaware of how using a Central Bank issued digital currency will eliminate almost all of your privacy, and make you a financial slave to the system.
Not only will they be able to track every single one of your financial transactions, they will be in a position to enforce social behavior as well as a condition for you to have access to funds in “your” account on their servers, such as comply with COVID-19 or other health mandates, like mandatory vaccines.
China leads most of the world right now in rolling out their State Bank-issued digital currencies, so let’s take a look at how they have done it so far, as both Russia and the U.S. scramble to try and catch up with China and issue their own Central Bank digital currencies.
China’s CBDC is referred to as a “digital yuan,” or e-CNY, and it is issued by the People’s Bank of China (PBOC). It is different from cryptocurrencies which are “de-centralized” and privately run, and it is also different from other currently available online payment systems in China, such as WeChat Pay and Alipay.
Yahoo Finance has published a good article to understand the differences between these various digital payment systems:
What makes the e-CNY different from bitcoin? Central bank digital currencies share little with cryptocurrencies
The digital yuan e-CNY hit a transaction volume of 87.6 billion yuan ($13 billion; €12.4 billion) at the end of 2021 with 261 million individual e-wallets. It’s use continues to increase in China, where it is being reported that 1 in 5 Chinese adults have downloaded the official e-CNY app. (Source.)
And it is not limited to only Chinese nationals. China would love foreigners to start using it as well:
YES, FOREIGNERS CAN USE CHINA’S NEW E-CNY DIGITAL CURRENCY
Imagine how attractive this app can look to a consumer who cannot withdraw funds from their normal bank, and are now being offered to use e-CNY instead with incentives? Think of stimulus checks or “universal basic income” funds that can be directly deposited into a CBDC account as the kind of incentives that will be used to get people to start using it.
China’s digital currency was used to aid the struggling economy earlier. The southern tech hub of Shenzhen and Xiong’an New Area in northern Hebei province doled out digital cash to stimulate consumption in China’s pandemic-hit economy.
“In the future, digital yuan can be applied in more scenarios such as medical treatment, education and finance,” Zhang Ming, senior economist at the Chinese Academy of Social Sciences, wrote in a commentary for Xuexi Shibao, a publication of the Central Party School. (Source.)
In fact, not only are there incentives for individuals to start using e-CNY, they are offering incentives to lure businesses into the system as well.
China’s digital yuan can now be used in to buy wealth management products, pay for insurance policies, and extend bank loans, as the central bank further expands e-CNY’s application beyond retail shopping, though still only in pilot schemes.
The People’s Bank of China is a front-runner in developing and issuing a central bank digital currency (CBDC), which in the case of the e-CNY will be a traceable replacement for notes and coins.
It used in much the same way as current Chinese digital payment methods, with funds stored in digital wallets.
So far the main application has been for buying consumer goods and services in more than 20 pilot cities, but it is being increasingly used in financial transactions.
China Construction Bank Corp 601939.SS now allows customers to use e-CNY to buy wealth management products, according to the banks’ mobile application.
Last week, a man surnamed Jiang made China’s first purchase of automobile insurance policy using e-CNY, the official Securities Times newspaper reported.
And Agricultural Bank of China’s 1288.HK601288.SS Suzhou branch extended 1.5 million ($220,000) of loans in e-CNY to a COVID-hit concrete producer this month, according to Xinhua Daily, another government newspaper. (Full article.)
The South China Morning Post reports that the e-CNY is being used to cover corporate loans for small businesses and tax payments.
Trials of China’s digital yuan have expanded beyond retail consumer use to cover corporate loans and taxes, as Beijing continues to push ahead with its plans for the e-CNY.
Loans have been granted to small and medium enterprises (SMEs) in the form of digital yuan in at least three cities, according to research by the Post. The latest case was in Suzhou in eastern Jiangsu province, where a concrete producer borrowed 1.5 million yuan (US$222,000) from the Agricultural Bank of China with the proceeds to be used to pay suppliers in e-CNY, according to a Tuesday report by state-run newspaper Xinhua Daily.
Because e-CNY was used for the transaction, the funds were transferred “faster” and “free of service charges” compared with traditional lending, according to the report.
In China, small businesses find it difficult to borrow from banks so they often turn to lending agencies for help – but this can come with fees of between 1 and 3 per cent.
According to the report, a plastic products maker in Xiamen in southeastern Fujian province, earlier this month also borrowed 90,000 yuan in digital format from Chengtai Microcredit, a micro credit agency. And in April, a hospitality company in Qingdao, Shandong province, borrowed the same amount from online lending platform Guo Sheng Inclusive Finance.
Besides loans, the digital currency – officially called Digital Currency Electronic Payment (DCEP) – has been used in Chongqing municipality for tax purposes. Local home decoration provider Powerdekor paid 3,009 yuan using its e-CNY wallet via the Industrial and Commercial Bank of China, the largest bank in China, according to the report.
In March, DCEP was used to transfer construction fees of nearly 555,000 yuan from Suzhou Highspeed Railway Xincheng State-owned Assets Holding to Suzhou Baorong Construction Project Management Co. The finance department at the recipient received the funds “within seconds”, according to a separate Xinhua Daily report.
“Promoting the digital yuan to business operators is easier than doing it with hundreds of millions of individual consumers”, said Wang Pengbo, an analyst at consultancy BoTong Analysys. “Companies have financing needs for loans, insurance and payments, whereas people spend it shopping or dining. In essence, both can benefit from e-CNY’s traceability and fast settlement upon payment.” (Full article.)
Of course China’s main goal in being the first major economy to adopt their Central Bank digital currency, is to start using it for international financial transactions, which would cure their dependency on the U.S. dollar. The official media reports are that they still have a long way to go, but I would not bet on that.
China digital currency: e-CNY ‘well positioned’ but still ‘a way to go’ to challenge US dollar dominance
Beijing has high hopes for the e-CNY, which has been piloted across the country and been used by tens of millions of Chinese.
Authorities are also keen to promote its use in international transactions amid risks of US financial decoupling, which could deny China access to the dollar system, and secondary sanctions on trade with countries under Western sanctions like Russia or Iran. (Full article.)
This is why United States Federal Reserve Chairman Jerome Powell stated last Friday that “Rapid changes are taking place in the global monetary system that may affect the international role of the dollar” and that “A US central bank digital currency is being examined to help the US dollar’s international standing.”
NEW – Powell: "Rapid changes are taking place in the global monetary system that may affect the international role of the dollar."
A US central bank digital currency is being examined to "help the US dollar's international standing." pic.twitter.com/htP6r1brNz
— Disclose.tv (@disclosetv) June 17, 2022
Will these Globalists succeed in this next phase of the Great Reset and the imminent collapse of the world’s financial systems?
There will be a resistance movement, for sure, and probably many opportunities in a parallel “black” market, but the financial future is still very hazy at this point, and much of it will depend on the “Information war.”
In my publishing and writing for the past decade, I have never seen a gap as big as what now exists between the corporate U.S. media propaganda, and what is actually happening in society and around the world.
The future may very well depend upon how many people start divorcing themselves from the corporate media mind control that has brought us to the point where this “Great Reset” and the roll out of CBDCs is even possible.
Comment on this article at HealthImpactNews.com.
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