China’s banking system is fracturing right before our eyes. Local ATMs are freezing up. Citizens are lining up in eerie silence, clutching their bank cards and hoping for a miracle. The government is quiet. The media is even quieter. But on the ground? Panic is spreading — fast.
What triggered this sudden freeze in everyday banking? Are we witnessing the collapse of trust in one of the world’s largest financial systems? And why is Beijing staying so silent, even as citizens lose access to their own money?
To understand how China got here, we need to start with what just happened in Henan province — and why it may only be the beginning.
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