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Chinese authorities in Hong Kong on Sunday violently dispersed a peaceful protest by hundreds of people who sought in vain to withdraw their life savings from banks facing a deepening cash crunch.
Since April, four rural banks in China’s central Henan province have frozen millions of dollars worth of deposits, threatening the livelihoods of hundreds of thousands of customers in an economy already battered by the Covid lockdowns.
Concerned depositors have staged several demonstrations in the city of Zhengzhou over the past two months, but their demands have repeatedly fallen on deaf ears.
On Sunday, more than 1,000 depositors from across China gathered outside the Zhengzhou branch of the country’s central bank, the People’s Bank of China, to launch their largest protest yet.
The demonstration is among the largest China has seen since the pandemic. Last month, Zhengzhou authorities even hacked into the country’s digital Covid health code system to restrict the movement of depositors and thwart their planned protest.
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