China’s banking system seems to be suffering from kleptomania. Zhang Enzhao, chairman of state-owned China Construction Bank Corp., resigned in March after bribery allegations showed up in U.S. court documents. In the past five months two other big state lenders — Bank of China and Industrial & Commercial Bank of China (ICBC) — have been tarred by loan fraud and embezzlement scandals. On Apr. 25, China Banking Regulatory Commission Chairman Liu Mingkang openly called for more audits and better regulatory scrutiny to “win the uphill battle” against corruption.
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