China’s State Administration of Foreign Exchange (SAFE) has for the first time publicly announced violations of foreign exchange regulations by nine banks. SAFE has previously punished non-financial companies and individuals who illegally transferred funds out of the country through fake transactions or underground banks, but misconduct by banks was disclosed for the first time.

The China Development Bank will issue the first batch of financial bonds under the Chinese interbank bond market’s bond connect scheme and will collect orders from onshore and offshore investors today in response to the central government’s call to support Hong Kong’s development and encourage connectivity between the bond markets of mainland China and Hong Kong, Cnstock.com reported yesterday.