The State of Banks in China

People hold banners and chant slogans to stage a protest at the entrance to a branch of China's central bank in Zhengzhou, in central China's Henan Province, on July 10, 2022. A large crowd of angry Chinese bank depositors faced off with police on July 10, some reportedly injured as they were roughly taken away. This case has drawn attention because of earlier attempts to use a COVID-19 tracking app to prevent them from mobilizing. Yang/AP Photo

News Analysis

The state of banks in China dominates concerns about the economy and global growth. With pictures of angry crowds outside banks and tanks on the street in one city to quell discontent about being unable to withdraw funds, it bears asking what the true state of Chinese banks is.