Chinese banking regulator finds $42.6 million stolen from housing sector loan funds

On Wednesday, in a report China’s Xinhua news agency reported, the country’s banking regulator found $42.6 million (277 million yuan) was stolen from funds which were supposed to serve the housing market in the southern state of Guangdong.

The news sheds on the state of micro-finance prevalent in the country.

China’s banking regulator has asked 4,501 bank branches in Guangdong, excluding Shenzhen, to conduct a self-inspection that covered both operating and consumer loans.

($1 = 6.5052 yuan)



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