Local government figures in China’s Sheyang county have moved to quell panic after customers queued at a bank following rumours that it was near collapse.
As customers queued for a third day to withdraw cash from branches of Jiangsu Sheyang Rural Commercial Bank, tellers resorted to displaying piles cash behind branch windows to show that the bank had not run out of cash.
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Governor of Sheyang county Tian Weiyou said: "Please be assured that the People’s Bank of China and the rural commercial bank system will ensure the interests of all depositors will be protected.
"The county’s rural commercial banks will ensure that there will be enough funds for depositors to withdraw at any given time."
Meanwhile, while customers waited outside the stricken bank, it broadcasted a recorded message: "Savers’ deposits are protected by law. There is no situation in which we cannot meet cash withdrawal demands. Depositors must not listen to rumours and cause unnecessary panic."
Despite these measures, alarm continued to spread amongst depositors and the run on banks had extended to Rural Commercial Bank of Huanghai by 25 March.
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By GlobalDataPolice in the region said they would investigate the source of the rumours that caused the run.
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