Mildew Takes Bite of China Farmer’s Cache

BEIJING — The old Chinese habit of shunning banks has caused an 82-year-old farmer to lose most of his life savings to mildew, an official newspaper reported Wednesday.

When Zhang Dexiang, who had buried his life savings of about $1,200 in his courtyard five years ago, dug up the money recently he discovered it was moldy “almost beyond recognition,” the China Daily reported. The farmer in northeastern Liaoning province was able to salvage only $400, which he exchanged for new bills at a local bank, it said.