from Reuters.com
China has uncovered over 1 trillion yuan ($148 billion) worth of illegal transactions by underground banks this year, the official Financial News reported on Thursday, citing a senior official at the foreign exchange regulator.
The State Administration of Foreign Exchange (SAFE) will step up investigations into capital outflows and intensify a crackdown on underground banks to foster healthy development of the country’s foreign exchange market, Zhang Shenghui, a senior director at SAFE told the newspaper.
So far this year, SAFE has uncovered illegal capital outflows worth $8.43 billion, and with the help of police has busted 56 cases of illegal transactions via underground banks, he said.