China's cbank sets rules for fines and penalties

China's central bank has set new rules specifying the kinds of penalties it can assess, in a bid to standardize its regulatory practices, the official Xinhua News Agency reported on Feb 9, 2001. The People's Bank of China rules specify the sizes of fines that can be assessed by different officials at different levels. This includes spot fines for relatively minor infractions.

The rules are part of an ongoing campaign by China to straighten out its shaky financial sector. The Xinhua report called

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