Asia & Australia

August 01, 2017

China's central bank finds 40 banks violating interbank account regulations, orders to rectify the problem

China Central Bank

According to a leading financial daily, China's central bank has found 40 banks in violation of interbank account regulations and has ordered them to rectify the problem within three to six months, during which period, they will not be allowed to conduct interbank account businesses.

Some of the large state-owned lenders such as China Construction Bank, China Minsheng Banking Corp, Bank of China (BOC), Ping An Bank, Agricultural Bank of China, and China Merchants Bank were told to conduct an overhaul due to breaching the rules. The central bank also found that Hengfeng Bank, Bank of Nanjing, and BOC's Shanghai branch had severely violated regulations.

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