Hundreds of depositors have raced to pull their cash from a small rural bank in eastern China, forcing local officials to take emergency measures to calm the panic after the bank run began to spread.
Coming just weeks after the first true default in the Chinese bond market, the run on Jiangsu Sheyang Rural Commercial Bank is the latest sign of growing stresses in the country’s financial system.
But it has also been a localised event, contained to one farming county where a series of lightly regulated credit co-operatives and loan guarantee companies failed earlier this year after mismanaging funds.
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