Since October 8th, a bank run has erupted at the Bank of Cangzhou in Hebei Province. Numerous online videos show long lines of people waiting to withdraw money at various branches of the Bank of Cangzhou. Not only were the bank lobbies packed with people, but long queues also formed outside on the streets, with some waiting even late into the night. To prevent a full-blown bank run, the Bank of Cangzhou implemented a ticketing system, allowing only 20 withdrawals per day at some branches. Simultaneously, some people attempted to make transfers through their online accounts, but online transfers were temporarily suspended.
The bank run at Bank of Cangzhou was sparked by a recent online circulation of a list of “Evergrande’s Bank Loan Debt Details”, which claimed that Evergrande owed Bank of Cangzhou 3.4 billion yuan.
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