BOC denies violations of capital rules

Media reports 'inconsistent with facts' about its services, bank says

Bank of China Ltd has denied media reports alleging it violated the nation's capital controls by providing services that help clients convert unlimited amounts of yuan into other currencies and transfer those funds abroad.

The reports "contain discrepancies with and misunderstanding of the facts ... References to an 'underground bank' and 'money laundering' are inconsistent with the facts," the bank said in a statement on its website on Wednesday.