A two-fer. First this - from NTD - China in Focus:
China Bank Collapse Rumors Spark Bank Runs
A new round of flooding has emerged in upstream Yangtze River and is moving downstream, fast. An expert says this is creating a dilemma for the Three Gorges Dam.
Rumors of Chinese banks collapsing are flooding social media in China. Worried customers have descended on several banks to withdraw their money. Police took people into custody, accusing them of spreading rumors.
Half of China’s important agricultural provinces have been impacted by the biggest flooding in decades. Peasants and the authorities are giving different pictures about food supply for this year.
And then this - from Nikkei Asian Review:
China warns of 'stronger flood' as Three Gorges Dam faces swell
Chinese authorities warned on Friday of the arrival of a "stronger" flood at the Three Gorges Dam and issued new alerts in downstream cities, as more rains are expected in the coming days.
Cities in the country's central region along the Yangtze River -- China's longest river -- have been inundated in the past week amid the annual monsoon season, with the worst flooding since 1998. Across the country, 433 rivers have flooded, and 141 people have died or are missing.
Heavy downpours have been lashing the region since last month, pushing average rainfall 12% higher than last year. The economic damage from flooding is expected to reach 86.2 billion yuan ($12 billion), according to some estimates.
FIrst the flooding. The agricultural problems are a no-brainer as the flooding is in China's breadbasket. The bank runs are unexpected but also not surprising. Could not be happening to a nicer government.
Leave a comment