Bank of Communications
In June of the year 1935, the Chinese Nationalist government used the assets of the Bank of China and the Bank of Communications to take control over a number of smaller privately owned Chinese banks. Kung then instigated a plan where the Central Bank of China, the Bank of China, and the Bank of Communications would start hoarding banknotes that were issued by smaller privately owned Chinese banks and then present these banknotes for redemption at their offices all at the same time, knowing that the smaller banks would be unable to reimburse the government banks, Kung could then declare all of these banks to be insolvent and swiftly nationalise them. Kung insisted to the Chinese public that the Nationalist government would manage these banks in the public interest. Like with the Bank of China and the Bank of Communications the directors of the smaller banks were removed and replaced with people appointed by the Chinese Nationalist government in order to keep these banks in check.