China FX regulator fines's Chinabank Payments for illegal FX transfer

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© Reuters. China FX regulator fines's Chinabank Payments for illegal FX transfer© Reuters. China FX regulator fines’s Chinabank Payments for illegal FX transfer

SHANGHAI (Reuters) – The Beijing office of China’s foreign exchange regulator issued a 29.43 million yuan fine on Chinabank Payments, a unit fully owned by the e-commerce company (O:), for illegally transferring foreign currencies from onshore to overseas.

The State Administration of Foreign Exchange (SAFE) said in a statement published on its website, without giving further details. did not immediately respond to Reuters’ requests for comment.

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