China Construction Bank has denied accusations of poor disclosure in its first annual report since listing late last year, the South China Morning Post reported. "We have strictly followed the information disclosure rules of the Hong Kong stock exchange and domestic regulatory authorities," the bank said in response to criticism from analysts. A Goldman Sachs research note said CCB's disclosure of financial data was "disappointing". Citigroup criticized the bank for not explaining why its effective income tax rate of 20.6% in the second half of 2005 was lower than the projected figure of 40.2% and queried its US$162 million loss on foreign currency trading. CCB said the lower tax rate came as a result of changes to tax deductions on staff expenses while foreign exchange losses were caused by the yuan's rise against the dollar.