China’s national audit revealed significant financial irregularities at the Bank of China, one of the country’s four largest state-owned banks. The audit found the bank evaded 2.4 billion yuan (approximately $352 million USD) in taxes between April 2023 and the present. Furthermore, the investigation uncovered evidence of the bank issuing illegal loans. This marks a rare public rebuke of a major Chinese financial institution. The audit did not specify the full extent of the illegal lending or the recipients of these loans. Authorities have yet to announce any specific penalties or investigations stemming from these findings, but the revelations raise concerns about financial oversight within China’s banking sector. The findings highlight potential vulnerabilities in the country’s financial regulatory system.