Banks fined for financial violations

BEIJING - China's banking and insurance regulator recently fined three commercial banks for improper practices in wealth management.

China Merchants Bank, one of the country's biggest, was fined more than 65.7 million yuan ($10.3 million) for 14 violations, including guaranteeing principal on some wealth management products, the regulator said in an online statement on Friday.

Shanghai Pudong Development Bank was fined more than 58.5 million yuan for 19 offenses including allocating too much money raised from WMPs to risky assets.