China's banking regulator fined seven state-owned financial institutions 199.5 million yuan for violating various laws and regulations.

The China Banking and Insurance Regulatory Commission said Jan. 8 that it fined Industrial & Commercial Bank of China Ltd., China Development Bank, China Development Bank Financial Leasing Co. Ltd., Postal Savings Bank of China Co. Ltd., China Great Wall Asset Management Co. Ltd., Great Wall West China Bank Co. Ltd. and Great Wall Xinsheng Trust Co. Ltd. It also warned and fined relevant individuals in certain cases.

ICBC received the largest fine of 54.7 million yuan for illegally investing its wealth management funds in the credit asset income rights or nonstandard asset income rights of other banks, while providing inadequate disclosure of wealth management product information, the CBIRC said.

China Development Bank was fined 48.8 million yuan for illegally financing government purchases of service projects and collecting loan commitment fees from micro and small businesses. Its subsidiary CDB Financial Leasing was fined 1 million yuan for moving nonperforming assets off its books, the regulator added.

Postal Savings Bank of China was fined 45.5 million yuan for illegally offering capital protection for nonguaranteed wealth management products sold by some of its branches. Two individuals were handed a total of 150,000 yuan of administrative penalties.

China Great Wall Asset Management was fined 46.9 million for illegally providing external guarantees, inflating book profits and issuing too many performance awards, among other things.

One of its subsidiaries, Great Wall West China Bank, was fined 500,000 yuan for illegally using its own equity as collateral toward shareholder financing. Another unit, Great Wall Xinsheng Trust, was fined 1.5 million yuan for illegally setting up subsidiaries and mortgages.

Nine individuals were handed a total of 450,000 yuan of administrative penalties.

As of Jan. 8, US$1 was equivalent to 6.47 Chinese yuan.