China Bank Watchdog finds Growing Irregularities

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00006090-china-bank-watchdog-finds-growing-irregul/

China’s banking watchdog said on Monday it unearthed irregularities involving 767.1 billion yuan ($95.2 billion) at mainland banks in 2005, underlining how far the country must go to clean up its troubled financial sector.

The misused funds, a 31 percent increase from 2004, were spread out among about 1,200 financial institutions, the China Banking Regulatory Commission (CBRC) said in a statement on its Web site. (www.cbrc.gov.cn).

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