October 30, 2019 / 6:05 AM / a month ago

China c.bank says will take 'forceful' measures to support Yichuan rural bank

BEIJING, Oct 30 (Reuters) - China’s central bank and the banking regulator said on Wednesday they will take “forceful” measures to ensure financial order after a high volume of requests to withdraw savings deposits from Yichuan Rural Commercial Bank in Henan province.

The Yichuan bank is operating normally, and has set enough funds aside for provisions, according to a notice issued by Luoyang branch of the People’s Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) via the official WeChat account of the bank.

Deposits at Yichuan bank are protected under the government deposit insurance program, the central bank said in a separate notice via the bank’s WeChat account. The two regulators also urged depositors to act rationally.

Police in the county said on Wednesday that they had detained a woman for spreading “false information” about a rural bank’s imminent bankruptcy, which has renewed concerns about the health of the country’s smaller lenders.

Reporting by Cheng Leng and Ryan Woo in Beijing; Editing by Kim Coghill

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