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China to Repay Bank Scam Victims After Protests Turn Violent

  • Customers with up to $7,400 of deposits will be paid on Friday
  • Nation faces difficult balancing act to reduce risky behavior
A protest at the entrance to a branch of China's central bank in Henan Province on July 10.

A protest at the entrance to a branch of China's central bank in Henan Province on July 10.

Source: AP Photo

Updated on

Chinese authorities will start repaying most of the victims in the nation’s biggest bank scam after hundreds of angry customers took to the streets again over the weekend to ratchet up pressure on the government.

Clients from the four rural banks in the central province of Henan and one in Anhui will be repaid “in advance” starting Friday, according to statements by local branches of the China Banking and Insurance Regulatory Commission. Individuals with deposits of up to 50,000 yuan ($7,400) will be repaid first, with arrangements for the rest subject to further notice.