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As the government strives to cool China's excessive asset prices, foreign exchange regulators have stepped up measures to curb the cross-border flow of capital through illegal foreign exchange transactions.
As of November 31, the State Administration of Foreign Exchange (SAFE), in alliance with other departments, had cracked down on 10 illegal private banks this year, some of which had a maximum daily turnover of over 10 million yuan ($1.5 million), the Xinhua News Agency reported Sunday.
The regulators also destroyed 17 online and offline illegal foreign exchanges, in addition to the destruction of the "underground" banks, involving a total of $3.5 billion, according to SAFE, which published the report on its website.
As of November 31, the State Administration of Foreign Exchange (SAFE), in alliance with other departments, had cracked down on 10 illegal private banks this year, some of which had a maximum daily turnover of over 10 million yuan ($1.5 million), the Xinhua News Agency reported Sunday.
The regulators also destroyed 17 online and offline illegal foreign exchanges, in addition to the destruction of the "underground" banks, involving a total of $3.5 billion, according to SAFE, which published the report on its website.
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