Regulators will publicly discipline at least one bank within 12 months for enabling disguised capital flight through China's new nationwide cross-border cash-pooling rules.

Beijing barred real estate developers and LGFVs from participating precisely because pooled multinational treasury accounts are a known capital-flight conduit, but the sharply widened participant base created by the rules gives far more surface area for abuse than regulators can screen upfront, historically prompting an early example-making enforcement case.