China’s central bank is investigating a report by state television that a major Chinese bank is helping clients transfer large amounts of money overseas in a program that violates currency controls, Xinhua, the state-run news agency, said Friday.
The station, China Central Television, or CCTV, caused a scandal when it broadcast a program on Wednesday accusing the Bank of China of money laundering on a large scale.
“We have noticed the media report about a commercial bank’s cross-border renminbi business, and are verifying related facts,” Xinhua quoted a spokesman for the central bank, the People’s Bank of China, as saying. The spokesman did not identify the commercial bank.
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