July 8, 2019 / 4:13 AM / 3 months ago

China c.bank suspends some traders at Ping An Bank and China Merchants Bank

SHANGHAI, July 8 (Reuters) - China’s central bank said on Monday it has suspended some traders at Ping An Bank and China Merchants Bank for a year for involvement in “abnormal” trades.

The People’s Bank of China (PBOC) has required the two lenders to strengthen risk controls and internal management following their involvement in such interbank trades on July 2, it said in a statement.

The two lenders were involved in overnight bond repo trades in the interbank market that put the price at 0.09% on July 2, the PBOC said.

On Monday morning, the overnight repo rate traded at 1.43%. (Reporting by Li Zheng, Andrew Galbraith and Winni Zhou; Editing by Richard Borsuk)

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