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Tag: evergrande
Evergrande’s Economic Tremors Trigger Bank Run in Northern China
Several reports say that the major Chinese real estate developer Evergrande’s downfall triggered a bank run in northern China last week. The bank run began after rumors spread that the financial institution, Bank of Cangzhou, allegedly loaned billions to the struggling company. This development came on the heels of an Evergrande announcement about the detention […]
Financial Fears Trigger Bank Run in China As Officials Push To Prevent Contagion: Report
Chinese authorities are moving to prevent further financial contagion as a bank run unfolds in one of its provinces. Thousands of customers lined up to withdraw their money amid worries the Bank of Cangzhou is at risk of going under, CNN reports, citing state-run Chinese media. The regional bank lent hundreds of millions of dollars […]
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