Jun 05, 2013 05:47 PM

Central Bank Chastises Local Bank for Illegal Bond Issuance

By staff reporter Fu Tao

(Beijing) – The central bank on June 4 publicly criticized Wujiang Rural Commercial Bank (Wujiang Rural Bank) for violating laws and regulations when issuing subordinated bonds in 2008.

The central bank and China Banking Regulatory Commission (CBRC) share oversight of commercial banks' subordinated bonds. Banks must obtain approval from both the central bank and CBRC to issue the bonds.

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