Banks are cutting staff salaries, even requesting staff return their previous wage. What's going on?

#Chinadeepdive
Recently, Reuters reported that China Construction Bank, one of China's four major state-owned banks, has implemented salary cuts of at least 10% for employees at its head office. Not only banks, investment institutions, and even local governments are struggling on the verge of bankruptcy.
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No money, bank cuts wages; Top companies lay off employees and cut salaries
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[@dt_2]

I am more concerned about the USA defaulting on their debts and the impact as the result of it.

[@chrinsamvisal]

China's foreign exchange reserves are currently more than $3 trillion. No other country has come close to this number. Sure, they are facing problems, but they are definitely running out of money. Stop spreading misinformation. The U.S. is currently having $35 trillion in debt.

[@alvinchiam3587]

Good👍😇world recession standby