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China cracks down on illegal forex trade
www.chinanews.cn 2006-04-21 15:27:28
Chinanews, Beijing, Apr.21 (By Zhong Xiaoling) - China's Ministry of
Public Security revealed on the 20th that according to incomplete
statistics, in 2005 public security units in China wiped out 47
strongholds which handled illegal forex trade represented by illegal
private banking businesses. Some 10 billion RMB (US$1.23 billion) was
involved in those cases. Public security units captured over 31 million
RMB of cash, froze 2,000-odd bank cards, bankbooks and bank accounts
whose balance added up to 170 million RMB, and fined and confiscated more
than 10 million RMB.
In recent years, illegal forex trade mainly conducted through illegal
private banking businesses has seen an apparently expanding scale in
China, and the capital involved in illegal forex trade has increased
accordingly. This has seriously disturbed China's normal financial
market, served as an important channel for capital flight and false
foreign capital inflow, and posed a threat to the nation's economic
security.
In an effort to cleanse the forex market, public security units and forex
administration departments throughout China have worked closely to
severely combat illegal forex trade and undertake concentrated
rectification in regions and sites where forex trade activities are
robust.
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