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Chinese regulator fines China Minsheng Bank 27.5M yuan for selling fake products

The China Banking Regulatory Commission's Beijing bureau fined the Beijing branch of China Minsheng Banking Corp. Ltd. 27.5 million yuan for selling fake wealth management products.

The CBRC said Nov. 30 that 13 people from the bank violated rules. It banned three of them from conducting banking business for a lifetime and instructed seven people to stay away from the banking industry for one year.

As of Nov. 30, US$1 was equivalent to 6.61 Chinese yuan.