China’s banking and insurance regulator said on Friday it had fined five banks and relevant personnel held accountable a total of 366 million yuan ($56.9 million) for misconduct.
The banks are Hua Xia Bank, China Bohai Bank , Bank of China, China Merchants Bank and Bank of East Asia’s China branch.
The regulator will crack down on regulatory arbitrage and strictly prevent idling of funds, it said in a statement published on its website.
Photo: EPA-EFE/JEROME FAVRE
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