China Promises 'Steady Progress' to Stop Rural Banking Crisis

China Promises 'Steady Progress' to Stop Rural Banking Crisis

China’s banking and insurance regulator claimed Thursday it was making “steady progress” toward resolving an economic fiasco in which millions of dollars in deposits across rural branches of China’s central bank were frozen without explanation in April, China’s state-run Global Times reported.

“[R]elevant work regarding some village banks, in which depositors found that they could not withdraw their cash, is making steady progress,” representatives of China’s Banking and Insurance Regulatory Commission (CBIRC) said on July 21.

“After the incident of the five rural banks in Central China’s Henan Province and East China’s Anhui Province, the banking regulator stated multiple times that it would strictly abide by laws and regulations, take facts as the basis and take the law as the criterion for handling

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