The Chinese economy is experiencing a downturn, leading to ripple effects throughout the financial system. In recent days, an internal proclamation from China Merchants Bank titled “Save the Beijing Branch” has been circulating within the Chinese banking sector. The document reveals that as of March 10, the Beijing branch’s corporate deposits have shrunk by more than 80 billion yuan compared to the previous year, ranking last in growth across the entire bank.
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Beijing Crisis! Banks Out of Money, Massive Employees’ Salaries Forcibly Retrieved
