{"id":7401,"date":"2006-05-05T10:56:39","date_gmt":"2006-05-05T17:56:39","guid":{"rendered":"http:\/\/chinadigitaltimes.net\/2006\/05\/05\/china-bank-regulator-warns-state-lenders-samuel-shen\/"},"modified":"2006-05-05T10:56:39","modified_gmt":"2006-05-05T17:56:39","slug":"china-bank-regulator-warns-state-lenders-samuel-shen","status":"publish","type":"post","link":"https:\/\/chinadigitaltimes.net\/2006\/05\/china-bank-regulator-warns-state-lenders-samuel-shen\/","title":{"rendered":"China bank regulator warns state lenders – Samuel Shen"},"content":{"rendered":"

From Bloomberg News via the International Herald Tribune (link<\/a>)<\/p>\n

China’s banking regulator has warned state-owned lenders, including Bank of China<\/a>, for the second time in five months after discovering 750 million yuan of fraud related to bank bills. The amount is equivalent to $94 million.<\/p>\n

“Some banks and their branches are blindly developing bill business at the cost of risk control,” the China Banking Regulatory Commission said in an April note to lenders, a copy of which was obtained by Bloomberg News. Bank bills – notes issued by a lender promising to pay the bearer on demand – are used to pay for goods and services.<\/p>\n

Bank of China, China Construction Bank<\/a> and Agricultural Bank of China<\/a> found 11 cases of bank-bill fraud between July last year and March, the commission said. Bank of China, seeking about $8 billion in an initial share sale this month, accounted for three-quarters of the total. Government oversight of lenders is increasing as China prepares to open the banking industry to overseas competition at the end of this year.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

From Bloomberg News via the International Herald Tribune (link) China’s banking regulator has warned state-owned lenders, including Bank of China, for the second time in five months after discovering 750 million yuan of fraud related to bank bills. The amount is equivalent to $94 million. “Some banks and their branches are blindly developing bill business […]<\/p>\n","protected":false},"author":76,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[3096,487],"class_list":["post-7401","post","type-post","status-publish","format-standard","hentry","category-economy","tag-bad-loans","tag-banking","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"yoast_head":"\nChina bank regulator warns state lenders - Samuel Shen<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/chinadigitaltimes.net\/2006\/05\/china-bank-regulator-warns-state-lenders-samuel-shen\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China bank regulator warns state lenders - Samuel Shen\" \/>\n<meta property=\"og:description\" content=\"From Bloomberg News via the International Herald Tribune (link) China’s banking regulator has warned state-owned lenders, including Bank of China, for the second time in five months after discovering 750 million yuan of fraud related to bank bills. 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