China's central bank is focusing on allegations by a central government television broadcaster that the People's Bank of China has been laundering money offshore for clients, the official Xinhua news service reported Friday, according to Reuters.
"We have noticed the media report about a commercial bank's cross-border renminbi business, and are verifying related facts," the report quoted an unidentified spokesman of the Bank of China, which is one of the country's "big four" state-owned commercial banks.
The Xinhua-quoted PBOC statement didn't name the Bank of China specifically, but it instead mentioned "a commercial bank." It also didn't use the term "investigation," which can imply a degree of formality, Reuters added.
The report in question, aired by China Central Television (CCTV), was an undercover investigation that focused on a program offered by BOC to help Chinese individuals taking part in investment emigration programs in other countries to move cash offshore.
Bank of China has denied the allegations, saying the program is legal.