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Chinese regulator fines Bank of Nanjing over rule violations

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Chinese regulator fines Bank of Nanjing over rule violations

The Chinese banking regulator's Jiangsu bureau imposed a 32.3 million yuan penalty on Bank of Nanjing Co. Ltd. for rule violations at its Zhenjiang branch.

The regulator found that the bank's Zhenjiang branch did not conduct its bills business according to prudent management principles.

The bank said it will strengthen its management of risks and ensure that its operations comply with regulations.

As of Jan. 29, US$1 was equivalent to 6.33 Chinese yuan.