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Chinese central bank fines Bank of Lanzhou for breach of settlement rules

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Chinese central bank fines Bank of Lanzhou for breach of settlement rules

The People's Bank of China fined Bank of Lanzhou Co. Ltd. 500,000 yuan for breach of payment settlement rules.

The regulator also confiscated 221,169 yuan of illegal gains from the rule violation, according to a notice posted Feb. 2.

As of Feb. 2, US$1 was equivalent to 6.30 Chinese yuan.