China’s National Audit Office has revealed significant financial irregularities within two of the country’s largest state-owned banks. The Bank of China is alleged to have evaded 2.4 billion yuan (approximately US$352 million) in taxes. Simultaneously, the Agricultural Bank of China is accused of illegally issuing 11 billion yuan in loans designated for agricultural projects. These findings represent a rare public rebuke of major financial institutions by a top government body. The audit office did not detail the specific nature of the tax evasion or lending violations beyond the amounts involved. This disclosure raises questions about financial oversight and compliance within China’s banking sector. Further investigation and potential repercussions are anticipated following the audit’s release.