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China regulator fines Citi, 4 Chinese banks 14M yuan for mortgage rule breaches

China's banking regulator fined five banks, including Citigroup Inc., a total of 14 million yuan for breaching mortgage and credit card rules, the South China Morning Post reported Aug. 14.

The China Banking Regulatory Commission fined Citi 10 million yuan for breaching mortgage lending rules and demonstrating insufficient care when issuing credit cards, according to an Aug. 11 notice on the regulator's website.

Hua Xia Bank Co. Ltd. was fined 2.06 million yuan, Bank of Tianjin Co. Ltd. and Bank of Shanghai Co. Ltd. were fined 500,000 yuan each, while Agricultural Bank of China Ltd. was fined nearly 600,000 yuan.

The regulator's fines comes amid growing efforts to avoid potential risks in the financial system. The CBRC has actively sought to restrict mortgage lending to cool the residential property market.

As of Aug. 11, US$1 was equivalent to 6.67 Chinese yuan.