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July 23, 2018

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Chinese banking regulator maintains tough stance over market violations

Source: Xinhua | 00:01 UTC+8 July 23, 2018 | Print Edition

CHINESE banking regulators continued to take a tough line on market violations in the first half of the year to maintain stable market order and prevent financial risks.

The China Banking and Insurance Regulatory Commission said it fined 798 banking institutions a total of 1.43 billion yuan (US$210 million) in the January-June period.

Onehundred and seventy-five people were punished, with some receiving life bans from the sector, the banking regulator said.

Violations in the banking sector have been curbed as risky businesses continued to shrink and the market order improved, the commission said in a statement.

As a signal of retreating shadow banking, interbank assets and non-bond investment dropped 2.6 percent and 7 percent year on year, respectively, in the first six months.

The commission stressed that banks played a bigger role in supporting the real economy, with more money pumped into the manufacturing sector. Outstanding loans for small businesses, agriculture, and affordable housing went up 14.2 percent, 7.6 percent, and 45.6 percent, respectively.

Despite risks largely under control, the commission said the situation is still “grim and complicated” due to lingering risky areas and rising external uncertainties, vowing continued effort to crack down on market disorder and forestall systemic risks.

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