(Yicai Global) May 17 -- Shanghai's banking and insurance regulator has handed out 19 fines to local lenders in two days, after discovering that they have been targeting government financing and used credit funds in illegal ways.

The Banking and Insurance Regulatory Commission's Shanghai bureau slapped banks with 10 fines yesterday, after it gave out nine of such penalties on May 14, worth nearly CNY15 million (USD2.2 million) in total, the CBIRC reported on its website today. 

Editor: Emmi Laine