China acts on underground bank trading

Updated 2018-02-06 01:12:03 Xinhua

China's foreign exchange regulator said Monday it has teamed up with the public security ministry to fight forex-related irregularities, with nearly a hundred cases of underground bank trading cracked in 2017.

These cases involved a total value of hundreds of billions of yuan, the State Administration of Foreign Exchange (SAFE) said.

The SAFE said it will continue to work with the police to further investigate underground banking this year to protect China's economic and financial security.

Both those running underground banks and those participating in such trading will be punished, the regulator said, promising that the two departments will enhance information exchange and situation analysis to intensify the fight against illegal forex trading.

While financial innovation should be supported, regulators will maintain a tough stance on forex-related crime and irregularities in the name of innovation, the SAFE said.

China saw stable and balanced cross-border capital flow and transactions in 2017. At the end of December, the country's foreign exchange reserves rose for the 11th month in a row to 3.14 trillion U.S. dollars.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58August 19 2018 02:23:05

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16August 19 2018 02:23:05

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18August 19 2018 02:23:05

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords