Ten international banks, including HSBC and Standard Chartered, have been punished by China’s foreign exchange regulator for breaching strict capital controls by helping to funnel huge amounts of foreign exchange into the country’s soaring stock and property markets.

The banks are among a group of financial institutions revealed to the Financial Times after the State Administration of Foreign Exchange announced 29 banks – 19 of them domestic – had received unspecified punishment for “assisting speculative foreign capital to enter the country disguised as trade or investment”.