China Consolidating Financial Sector

BEIJING, July 29 (Xinhua) -- China is further consolidating its financial sector with a massive ban on concealed accounts and malpractice in all banks nationwide.

Shang Fulin, deputy governor of the People's Bank of China ( PBOC), China's central bank, said during a televised conference today that China has made progress in abolishing concealed accounts and other illegal practices over the past several months, and those
responsible for misdeeds have been punished.

He noted that PBOC and all commercial banks in China must standardize their management systems and immediately end concealed accounts in order to guard against possible financial risks.