Rumor sparks bank run in area of Jiangsu province  

江苏射阳一银行被传倒闭引挤兑潮 调大批现金保供应

24日下午，江苏射阳农村商业银行设在盐城环保产业园的一个网点，遭遇近千群众挤兑现金，经了解，这是由一则该行要“倒闭”的谣言引发的挤兑事件。目前，该行启动大批量现金供应，保证储户兑付到位。 [查看全文]

(ECNS) -- Nearly 1,000 people on Monday rushed to get their money out of a rural commercial bank in a county of Jiangsu province after a rumor spread that the bank was failing.

"I had all of my savings worth 50,000 yuan ($8,088) in the bank. I decided to take the money out because of a possible bank collapse," said a local resident.

The bank is located near an environmental protection industrial park in Yancheng city. A further investigation showed that there are more than 10 bonding companies in the neighboring town of Yandong, and that bosses of those companies had made off with money before.

"Our bank is a legal financial institution approved by the China Banking Regulatory Commission, and the customers' rights will be protected," said Zang Zhengzhi, party chief and board chairman of the bank.

He said the bank was trying to clarify the rumors, and that emergency funding was being used to meet depositors' demands to withdraw their savings.