Customers form lines in front of Yichuan bank; photo: WSJ
Zero Hedge: Chinese Bank On Verge Of Collapse After Sudden Bank Run
First it was Baoshang Bank , then it was Bank of Jinzhou, then, two months ago, China's Heng Feng Bank with 1.4 trillion yuan in assets, quietly failed and was just as quietly nationalized. Today, a fourth prominent Chinese bank was on the verge of collapse under the weight of its bad loans, only this time the failure was far less quiet, as depositors of the rural lender swarmed the bank's retail outlets, demanding their money in an angry demonstration of what Beijing is terrified of the most: a bank run.
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WNU Editor: I saw bank runs in Russia in the early 1990s. It is a terrifying experience.
Update: Major Chinese companies are also going bust .... Credit Crisis Unfolds In China As Steelmaker Default Sparks Contagion Fears (Zero Hedge).