People gather in front of a branch of Rural Commercial Bank of Huanghai in Yancheng, Jiangsu province, March 26, 2014. REUTERS/Carlos Barria
SHANGHAI (Reuters) - Police in the rural Chinese city of Yancheng have detained a person suspected of spreading rumours that sparked a three-day bank run, security officials said on the city police force's official microblog on Thursday.
Government, bank officials and residents all referred to a rumour that a local bank branch had turned down a client's request to withdraw 200,000 yuan (19,415 pounds), which sparked the speculation the bank was insolvent. This prompted a rush among depositors to withdraw cash.
Already a subscriber? Log in.
Subscribe or renew your subscriptions to win prizes worth up to RM68,000!
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
