China fines seven financial institutions $31 million over irregularities

Surveillance cameras are seen outside the CBIRC building in Beijing
FILE PHOTO: Surveillance cameras are seen outside the China Banking and Insurance Regulatory Commission (CBIRC) building in Beijing, China December 13, 2018. Picture taken December 13, 2018. REUTERS/Stringer

January 8, 2021

BEIJING (Reuters) – China’s banking and insurance watchdog on Friday fined seven financial institutions a total 199.5 million yuan ($30.85 million) for irregularities in overcharging fees and insufficient information disclosure on products.

Leading policy bank China Development Bank, top lenders China Industrial and Commercial Bank of China, and the fifth largest state lender Postal Savings Bank of China are among those fined, according to a statement from the China Banking and Insurance Regulatory Commission.

($1 = 6.4664 Chinese yuan renminbi)

(Reporting by Cheng Leng and Gabriel Crossley; editing by John Stonestreet)