The State Administration of Foreign Exchange (SAFE) said that 16 banks have been found to have committed irregularities in their foreign exchange transactions since October 2010.

The regulator has handed out penalties to these banks, involving 79 of their branches, including fines, suspension of some foreign exchange business and punishment of some senior managers.

Further, SAFE released a list of cases involving companies and individuals who failed to comply with the nation's foreign exchange rules.

It was the latest move by the government to stem hot money inflows. SAFE said it would step up regulation of the foreign exchange business and continue to crack down on hot money to promote the healthy development of China's financial market.