China regulators slam banks for 'illegal' fund moves

Illegal channelling of overseas funds results in reprimand for banks


China's foreign exchange regulator and banking authorities have reprimanded more than two dozen domestic and foreign banks for "illegally" channelling overseas funds into the country in the first four months of the year, the State Administration of Foreign Exchange (Safe) said in a statement on its website on June 26.

Safe said it had punished the banks but did not specify what fines or other disciplinary measures had been imposed. The 19 domestic banks and 10 foreign institutions are charged

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