SHANGHAI (Reuters) - Police in the rural Chinese city of Yancheng have detained a person suspected of spreading rumours that sparked a three-day bank run, security officials said on the city police force's official microblog on Thursday.
Government, bank officials and residents all referred to a rumour that a local bank branch had turned down a client's request to withdraw 200,000 yuan ($32,200), which sparked the speculation the bank was insolvent. This prompted a rush among depositors to withdraw cash.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
