A financial market association under China's central bank said on Wednesday it will investigate four rural commercial banks over suspected manipulation in the treasuries market, as Beijing steps up efforts to cool a sizzling bond rally.
The National Association of Financial Market Institutional Investors (NAFMII) said in a statement the banks - all based in eastern Jiangsu province - "were suspected of manipulating prices and transferring benefits in the secondary market trading of treasury bonds".
The four banks are Changshu Rural Commercial Bank (601128.SS), Kunshan Rural Commercial Bank, Jiangsu Suzhou Rural Commercial Bank Co (603323.SS) and Jiangnan Rural Commercial Bank, according to the statement.
