Local News

Shimonoseki-based Yamaguchi Bank revealed that Chinese authorities are seeking a payment of the equivalent of 1.3 million yen in penalties from the bank for failing to report the repatriation of earnings from its branch in Qingdao to the main office. The bank admitted it had failed to include those funds on its reports for FY 2007 and 2008, but said that it was an oversight. They added it was not a violation of the regulations governing the influx of speculative funds into China. The Chinese authorities are trying to tighten controls on the short-term, large-volume influx of such funds because they are concerned the practice is accelerating sharp price increases domestically.