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Economy

China bank protest highlights history of lax oversight

Officials vow to pay back funds frozen at banks in Henan province

Demonstrators hold up signs during a protest over the freezing of deposits by some rural-based banks, outside a People's Bank of China building in Zhengzhou, Henan Province, on July 10.   © Reuters

SHANGHAI -- A major protest in central China is shining a light on the country's history of bank scandals and lax oversight over rural lenders, analysts say.

On Sunday, a crowd of about 1,000 fuming bank depositors clashed with police outside a branch of China's central bank in Henan province's Zhengzhou city, demanding to get access to deposits that were frozen by local lenders.

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