1.16b yuan confiscated to fix market disorder

China's banking and insurance regulator confiscated 1.16 billion yuan ($184 million) from banking and insurance institutions and 28.62 million yuan from relevant practitioners in the first quarter of 2018, in an effort to rectify market disorder.

This year, the regulator continued to fight against unsound corporate governance, violations of macroeconomic regulation, rule-breaking arbitrage via financial products across sectors, infringement of financial service consumer rights and interests, and fabrication of false insurance documents.

A total of 107 people in the banking and insurance sectors were disqualified from their posts or banned from practice, the regulator said on Friday.