American banks lost a record $370 billion in deposits in the second quarter, the first decline since 2018, according to the Federal Deposit Insurance Corporation in its quarterly summary. FDIC insured commercial banks and savings institutions had a net income of $64.4 billion in the quarter, down 8.5 percent year over year, primarily due to…
$50 Billion: Wealthy Chinese Want to Leave China; More Banks Freeze Withdrawals in China
Wealthy Chinese are leaving China—or at least planning on leaving—as they cannot stand the draconian COVID measures. But will Chinese leader Xi Jinping allow it to happen if that means billions of dollars in cash go out of China amid the contractions and poor economy? Meanwhile, more banks in China suspend bank withdrawals using various…
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