16 Chi­nese bank branches fined for vi­o­la­tion of law

The Pak Banker - - Company& -

BE­JING: China's for­eign ex­change reg­u­la­tor pub­lished a list of banks in­volved in il­le­gal for­eign ex­change deals, in an ef­fort to tighten con­trol on "hot money" in­flows.

The l i st posted on t he State Ad­min­is­tra­tion of For­eign Ex­change ( SAFE) web­site was an­other fol­low-up an­nounce­ment of such dis­clo­sure af­ter SAFE pledged to t ake mea­sures on crack­ing down on "hot money" in­flows amid con­cerns over in­fla­tion and as­set-bub­ble r i sks in Fe­bru­ary.

The i l l egal t r ans­acti ons tracked down in 16 branch off i c e s of banks c overi ng I ndus­tri a l a nd Com­mer­cial Bank of China (ICBC) and China Con­struc­tion Bank ( CCB) i ncluded t he use of f a ke c ontr a c t s a nd false claims to ob­tain spec­u­la­tive cap­i­tal. All these banks had been fined for their law-vi­o­la­tion. - PB News

IS­LAM­ABAD: Ira­nian Am­bas­sador H.E. Mashaal­lah Shak­eri called on Deputy Speaker Na­tional Assem­bly Faisal Karim Kundi at Par­lia­ment House. -App

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