On January 29, according to an administrative penalty information disclosure form from the Jiangsu Supervision Bureau of the National Financial Regulatory Administration, China Minsheng Bank Co., Ltd. Nanjing Branch was fined 700,000 yuan for inadequate review of the trade background in its domestic letter of credit business and for charging fees above the standard.

Li Rongqing, Deputy General Manager of the Transaction Banking Department at China Minsheng Bank Co., Ltd. Nanjing Branch, was given a warning and fined 60,000 yuan.