Chinese People and Companies Go Crazy Hoarding $892 Billion, Fears Rise the Yuan Will Collapse
Chinese People and Companies Go Crazy Hoarding $892 Billion, Fears Rise the Yuan Will Collapse
Udumbara
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In early 2025, outside a bank branch in Shanghai, crowds of elderly people and others stood in long lines to deposit US dollars. In Beijing, appointments for US dollar fixed deposits at Dong'an Bank were booked up for the next two weeks. In Jiangsu, banks in Nanjing and other cities saw their US dollar deposit quotas snapped up almost instantly. The situation was no better in major cities like Shenzhen and Guangzhou.
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