TL;DR: As first reported by Summit News for English-reading audiences, a hastily translated China Press account claimed a so-called prominent Hong Kong protester is calling for a run on Chinese banks, hoping to take civil disobedience from the streets and to the heart of China’s economic engine.
Hong Kong Protester Calls for Run on Chinese Banks
Hong Kong protest activist Chen Haotian has called upon “Hong Kong citizens [to] take out all bank deposits. The primary goal is Chinese banks, but he said other banks should also be targeted, otherwise Chinese banks can borrow money from other banks to solve problems,” the translation insisted, hoping for mass action on 16 August 2019.
It’s the latest salvo in an increasingly tense situation that has grabbed international press coverage. The initial conflict between Hong Kongers and their provisional government began over an extradition proposal which attempted to smooth the process for residents to be tried for crimes on the mainland where basic rights are not protected by comparison.
From most analysts’ accounts, however, outrage over the proposal seemed rather to be more of a kindling, lighting already heated feelings and fears about Beijing’s encroachment upon the mostly Western-friendly economic oasis, building to a full-fledged wildfire: massive protests, including shutting down the Hong Kong International Airport, have turned into violent clashes with police. Even the Trump administration has weighed-in, apparently tying its trade war with Beijing to treating protesters “humanely.”
Chinese savers, among the most conservative in Asia, have been spooked in recent years on little more than rumor. In 2014, for example, word of mouth news spread that a rural bank had gone belly up, and so hundreds of depositors demanded their accounts emptied, cash returned. The government and central bankers attempted to quell fears, however, a three-day run spread far throughout the country. It is unclear what kind of influence Chen Haotian has or how far the call for a protest-led bank run has penetrated ranks as of press time. This particular round of Hong Kong protests have become famous for their lack of central organization and “leaders.”
DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH.
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