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Regulator fines six lenders for violations

Commercial lenders have been fined for multiple violations including improper practices in wealth management, according to China's banking and insurance regulator. A total of six banks and the individuals responsible were fined a combined 156.3 million yuan ($22.76 million), according to the China Banking and Insurance Regulatory Commission. Lenders including China Minsheng Bank and China Bohai Bank were punished for irregularities such as guaranteeing principal on some wealth management products. The punishments come as China's regulators toughen their stance on market irregularities, targeting risky business practices such as shadow banking.