This July witnessed a surge in commercial paper defaults by Chinese banks, and the confidence of the Chinese public in bank deposits plummeted like never before. A China expert warned that China’s financial crisis is about to hit. Commercial Bill Defaults According to the July 2023 commercial bill default data sheet released by the Shanghai Commercial Paper Exchange in August, as of July 31, a total of 2,851 commercial bill acceptors had defaulted, an increase of about 80 percent from 1,554 in January. Of the commercial bill defaulters, 271 were banking institutions, representing a 356 percent jump in one month from 33 defaulting banks in June. The acceptor’s breach of contract means that the acceptor cannot fulfill the acceptance obligation on the note on time—that is, the cash corresponding to the note cannot be paid on time. The “overdue acceptor” announced by the Shanghai Notes Exchange refers to an acceptor who has had overdue bills at least three times and still has overdue bills in the current month....Read more https://www.theepochtimes.com/china/271-chinese-banking-institutions-in-default-a-new-signal-of-chinas-financial-crisis-5488123