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China central bank fines two major banks for violations

  • By Al Mayadeen English
  • Source: Agencies
  • 30 Sep 2025 17:00
2 Min Read

The People’s Bank of China fined China Development Bank and China CITIC Bank over 16 million yuan combined for violations of financial statistics and account management rules.

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  • A man with an umbrella passes by China's central bank, or the People's Bank of China, in Beijing, Thursday, July 25, 2024. (AP Photo/Ng Han Guan)
    A man with an umbrella passes by China's central bank, or the People's Bank of China, in Beijing, Thursday, July 25, 2024 (AP Photo/Ng Han Guan)

The People’s Bank of China (PBoC) has issued administrative penalties against two of the country’s major financial institutions, China Development Bank and China CITIC Bank, for violating financial statistics and regulatory compliance rules, according to a report by Chinese news agency Cailian.

China Development Bank was fined 1.23 million yuan (approximately $172,700) for breaching financial statistics rules, the report said.

Meanwhile, China CITIC Bank Corporation Ltd. received a significantly higher penalty of 15.357 million yuan (around $2.15 million) due to multiple violations.

Read more: Chinese $4.2 bln investment to power Brazil’s tech and energy growth

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CITIC Bank fined for multiple breaches, including data mishandling

According to the PBoC, China CITIC Bank’s violations included:

  • Breaches of financial statistics and account management rules
  • Improper withholding of government deposits or funds
  • Mishandling of credit information collection and submission
  • Failure to properly store personal customer data and transaction records

These regulatory breaches represent a broader effort by Chinese authorities to tighten oversight over the financial sector, especially in data handling and financial reporting.

China Development Bank penalized for financial reporting gaps

While the penalty for China Development Bank was significantly lower, the fine indicates that even state-owned institutions are under increased scrutiny by the China Central Bank for lapses in compliance with financial reporting obligations.

The decisions on both administrative punishments were made on September 22, according to Cailian.

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  • China Central Bank
  • China
  • People's Bank of China

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