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China busts illegal money flows of US$125b

Illegal activities of underground banks are spreading and the situation is still grave, says a report

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GREY CAPITAL IMPACT: China's central bank and commercial banks bought a net 12.9 billion yuan worth of foreign exchange in October, stemming heavy sales in the previous three months that underlined capital outflows.

Shanghai

CHINA started a crackdown on underground banks in April and has so far busted over 170 cases of money laundering and illegal fund transfers involving more than 800 billion yuan (S$177 billion), official People's Daily reported on Friday.

Illegal flows of such "grey capital