 "People's Bank of China")
China’s financial regulator stepped up its crackdown on industry malpractice, imposing a total 183 million yuan ($29 million) of fines on three institutions for transgressions including lax lending practices and understating of risky assets.
The China Banking and Insurance Regulatory Commission imposed the latest penalties on China Merchants Bank Co., Industrial Bank Co. and Shanghai Pudong Development Co. for more than a dozen violations at each entity, the regulator announced late Friday.
They represent the largest fines since China reshuffled its supervisory regime in March by combining the banking and insurance regulators under Guo Shuqing, who had helmed the banking regulator for
