No wonder these Chinese citizens just started a bank run


Quartz

Hundreds of Chinese citizens are swarming rural bank branches in eastern China demanding to withdraw their deposits, after rumors that the county’s largest bank was on the verge of collapse. Such panics in China, where banks operate under an implicit guarantee from the government, are extremely rare.

People gather in front of a branch of Jiangsu Sheyang Rural Commercial Bank, in Yancheng, Jiangsu province. People gather in front of a branch of Jiangsu Sheyang Rural Commercial Bank, in Yancheng, Jiangsu province.

An employee of Jiangsu Sheyang Rural Commercial Bank talks to a customer at one of the banks branches in Yancheng, Jiangsu province. An employee of Jiangsu Sheyang Rural Commercial Bank talks to a customer at one of the banks branches in Jiangsu province.

Responding to rumors that Jiangsu Sheyang Rural Commercial Bank, Sheyang county’s largest bank (link in Chinese) with 44 branches, is in financial trouble, depositors have been flocking to branches in at least three villages since March 24. Another bank in the farming county, the Rural Commercial Bank of Huanghai, was also bombarded with wary savers wanting to take their money out, according to state media.

Residents waited in droves in the rain outside bank…

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