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Chinese regulator fines China Minsheng Banking, Ping An Bank for rule violations

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Chinese regulator fines China Minsheng Banking, Ping An Bank for rule violations

China's central bank imposed fines aggregating 124.9 million yuan on China Minsheng Banking Corp. Ltd.'s Xiamen branch and Ping An Bank Co. Ltd. for violating rules on yuan-settlement accounts and payment services related to nonfinancial companies.

China Minsheng Bank was fined 114.6 million yuan, while the Ping An Insurance (Group) Co. of China Ltd. unit was fined 10.3 million yuan. The People's Bank of China also confiscated profits of 48.4 million yuan and 3.0 million yuan, respectively, from China Minsheng Bank's Xiamen branch and Ping An Bank, according to separate March 16 notices.

As of March 16, US$1 was equivalent to 6.33 Chinese yuan.