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World

China’s Ponzi banks are teetering

12 July 2022

11:15 PM

12 July 2022

11:15 PM

What began as a run on a handful of provincial banks is rapidly morphing into one of China’s worst financial scandals, threatening the stability of the country’s heavily indebted financial system. It poses a serious challenge to a Communist party obsessed with social order, which has thuggishly cracked down on desperate depositors demanding their money back.

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