China's central bank governor says more time is needed to investigate alleged money laundering by the Bank of China.
State broadcaster CCTV on Wednesday alleged that BOC, the country's fourth largest lender has been helping its customers transfer large sums of money overseas.
Zhou Xiaochuan says the central bank and the State Administration of Foreign Exchange are investigating the report.
But officials under Zhou stated that starting an investigation does not mean the bank has done anything wrong.
BOC branches in Guangzhou and Zhuhai have suspended their currency exchange and money transfer services.
Both branches were featured in the CCTV report where clients convert unlimited amounts of yuan into other currencies and transfer those funds abroad.
Chinese foreign-exchange rules cap the maximum amount of yuan that individuals are allowed to convert into other currencies at 50,000 US dollars per year and ban them from transferring yuan abroad directly.
Bank of China has reach to 28 countries and regions to do money transfers for its clients.
