Source:
https://scmp.com/article/194042/banks-fined-rate-rise

Banks fined for rate rise

The central bank has fined two bank savings outlets 100,000 yuan (about HK$93,400) each and sacked five officials at the banks for illegally raising interest rates to woo depositors, state media reports.

Central bank officials at the Shangqiu branch in central Henan province uncovered the two bank outlets, one belonging to the China Agricultural Bank, the Financial Morning Post reported.

The central bank sets interest rates on deposits and prohibits commercial banks from adjusting them.