It’s Hong Kong people's Turn! China's banks are running out of money/Youth: SWAT-style depositing

#Chinainsights#Chinabank#Chinanews
Recently, there have been special policies targeting Hong Kong people in Mainland China. Personal accounts have been frozen under various pretenses such as "suspected illicit money.” The threshold for withdrawing money has also been "raised,” taking up to a few days. When you go to an ATM to draw money, you must wait for at least one hour and get approval from the security guards before you can enter the bank to do the transaction.
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We can't blame those who act like special forces in depositing their savings. These people know that their savings would lose purchasing power due to the depreciation of the RMB, but they have no other options. The current economic environment has made Chinese people uneasy and unsure of their future.

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[supersasquatch]

We need a channel like this for each country, this is actual journalism

[redluck]

Dude, If a bank will not let you withdraw your own money, they are in default.

[Dr.Cosmar]

The boss runs away and all the little servants try to protect him from the cameras.
Disgusting.

[michaelmemory]

You know, even when I’m having a REALLY shitty day, these videos always remind me I don’t have it NEARLY as bad.

Sincerely hope those affected are resilient against these conmen.

[The_Ballo]

This is the absolute death of Hong Kong. The only reason Hong Kong exists is financial services. RIP.

[dougsheldon]

From what I see, they could get a large amount of cash by raiding party member's mistresses homes

[thedownwardmachine]

I can easily imagine a bank with no money just turning up the sensitivity on their fraud detection in order to freeze accounts.

[fefefan]

Hong Kong it’s a little to late for y’all smh you should have been transferring your funds ago !

[blackflagnation]

The people in HK should have read the writing on the wall months ago. When banks are defaulting on the mainland, you should know your account in HK was eventually going to suffer the same fate.

[HanBoonLee-nf]

After this incident, I reckon no people will dare to deposit money into the banks.

[jqwoo]

20 years ago, I have VISA cards from Singapore UOB and China BoC. One day, a thief stolen my cards in the hotel room in Changchun Yanminghu Hotel. I made a police report and informed both banks. SG bank sent me a new VISA card within 24 hours! BoC told me to come to Shanghai where I had opened the A/C there. 1 week later, BoC told me that I have to wait 1 month for investigation。I immediately told BoC that I would like to close my A/C. In hindsight, I did the right thing.

[friedrichjunzt]

I still remember Hong Kong as a democratic financial powerhouse. Seems like a dream today.

[LustyLichKing]

This is functionally "staunching the bleeding" at an economic level. By inducing lag times between withdrawals, the banks hope to better sustain themselves by artificially prolonging what is now a long run on the banks. Something has very obviously gone very wrong for them to need operate like this in the first place.

[aBc--XyZ]

CCP: That money you worked so hard for, it's not yours.

[TheMrKeksLp]

You know it's a sad day when the reason China is disadvantaging Hong Kong people is not out of ideological reasons but simply because they have not money left lol

[Shineon]

All Chinese would have been FAR BETTER cashing their checks the day they received them—and stashing the $$ in a mattress….

And, after seeing—with their own eyes—banks withholding their $$, making them wait hrs, etc, ANY Chinese that puts any more $$ in a Chinese bank, DESERVES to LOSE IT .

[thryce]

i was in HK in 08 when the olympics were going on. It was a very strange time. People there were very excited. I heard about how china was good and had changed and that they were excited to turn over a new leaf. That for me was hillarious. Im not saying Im glad about how this ended up. I will say HK people deserve a bit of the blame for being extremely gullible. I really hope Tainwanese have learned from that.

[thelizardqueen]

'mysteriously evaporated ' probably used to buy real estate in Canada or Australia...

[mr.goldfarmer]

👑China Insights 👑 Fantastic reporting! Thank you for your ongoing efforts.

[capitalistdingo]

As sad as these delays for getting their own money are, I remember watching a show on Canadian border guards years ago where a Hong Kong businessman was raging holy Hell at the young female airport customs agent for not letting him carry more than 10, 000 Canadian dollars equivalent through the airport crossing. This kind of reminds me of that guy. I wonder where he is now.