China’s Andon Health, a maker of medical devices, says it has full access to funds parked at Silicon Valley Bank, after the US government intervened to backstop all the deposits at the failed lender. The Tianjin-based company, which manufactures consumer health devices and supplied Covid test kits to the United States during the pandemic, has cash deposits at SVB worth 5% of its total cash and cash equivalents.
By doing that, US regulators aimed to prevent more bank runs and to help companies that deposited large sums with affected banks to continue to make payroll and fund their operations The collapse of SVB, which courted Chinese start-ups, has caused widespread concern in China, where a string of founders and companies rushed to appease investors by saying their exposure was insignificant or nonexistent.
So Biden bailed out not only the billionaires but also the CCP with our money now. Some would consider this treason
Phew! I was worried about that. It’s such a relief that Chinese companies are bailed out with US taxpayer money. Thanks again Joebama administration!
That's horrible. The decisions of this Administration keep getting worse and worse.
They didn't stop their funds svb went under they're out of business now the fdic took over and they only insure upto $25,000 or $250,000 I can't remember but this is more gaslighting being done to start more drama
Well there you have it, I’m not investing into any bank.