Fitch: China Closed a Record 671 Banks in a Year — Should Bitcoin Holders Worry?

• —671 banks closed in a year, cutting their number 23% in four years to 3,139
• —Bad loans at small banks reached 2.8% versus 1.5% for the system
• —China's growth slowed to 4.3% in Q2, the weakest since 2022
• —In July Wuhan authorities took over Z-Bank, which holds 124 billion yuan in assets