China Daily Website - Connecting China Connecting the World
USEUROPE AFRICAASIA 中文Français

Sorry, the page you requested was not found.

Please check the URL for proper spelling and capitalization. If you're having trouble locating a destination on Chinadaily.com.cn, try visiting the Chinadaily home page

BACK TO THE TOP
Copyright 1995 - 2024 . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
Business\Markets

China cracks down on illegal forex trade

Xinhua | Updated: 2017-02-28 09:43

BEIJING - China's foreign exchange regulator said Monday that it had recently uncovered a number of illegal forex trade cases, and vowed to step up market regulation this year.

Authorities discovered an underground bank conducting illegal forex transfers worth nearly 50 billion yuan ($7.3 billion), according to the State Administration of Foreign Exchange (SAFE).

In other cases, companies were found to be evading forex controls by using fake receipts or fabricating trade deals.

Many individuals were suspected of money laundering and transferring assets illegally, moving large amounts of money in small sums to avoid scrutiny, according to the SAFE.

It pledged to get tough on illegal forex trade to maintain the balance of international payments, while promising to make policies more transparent and advance the opening up of financial market.

Weighed on by a weak Chinese yuan against the US dollar, regulators have moved to crack down on illegal cross-border capital flow in the past few months, while reiterating that normal business will not be affected and foreign investment is welcome.

Pan Gongsheng, head of the SAFE, said China's forex market was now relatively stable and that cross-border fund flow was trending towards equilibrium.

"SAFE will provide more convenience for cross-border trade and investment to serve the development of the real economy," he said.

Today's Top News

Editor's picks

Most Viewed

China Daily Website - Connecting China Connecting the World
USEUROPE AFRICAASIA 中文Français

Sorry, the page you requested was not found.

Please check the URL for proper spelling and capitalization. If you're having trouble locating a destination on Chinadaily.com.cn, try visiting the Chinadaily home page

BACK TO THE TOP
Copyright 1995 - 2024 . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US