Regulator: 58% drop in wrongdoing by top banks

The China Banking Regulatory Commission said it found 58% fewer cases of wrongdoing by the mainland's five largest banks this year, the Wall Street Journal reported. The banking regulator said it found 53 cases of "illegal and improper" activity that involved US$50.7 million. The banks involved were Bank of China, China Construction Bank, Industrial and Commercial Bank of China, Bank of Communications and Agricultural Bank of China. Chinese banks have been punished recently for aiding speculative capital to enter the country and making improper loans where funds ended up in the booming property and stock markets.