PBOC moves to calm local bank run

Local officials have taken emergency measures to calm panic as a run on Jiangsu Sheyang Rural Commercial Bank began to spread, Financial Times reported. Hundreds of depositors have raced to pull their cash from the small rural bank in eastern China, in the latest sign of growing stresses in the country’s financial system. With the panic reaching other branches of the bank, the governor of Sheyang county reassured depositors in a video posted on the local government’s website on Wednesday. Tian Weiyou, the governor, said that People’s Bank of China, the central bank, would protect depositors.