SHANGHAI (Reuters) - China's central bank is looking into allegations by a central government television broadcaster that Bank of China, one of the country's "big four" state-owned commercial banks, has been laundering money offshore for clients, the official Xinhua news service said on Friday.
"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 People's Bank of China.
The PBOC statement quoted by Xinhua did not name the Bank of China specifically, referring instead to "a commercial bank," and it did not use the term "investigation," which often implies a degree of formality.
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.
(Reporting by Pete Sweeney; Editing by Kim Coghill)
