SUBSCRIBERS
China busts illegal money flows of US$125b
Illegal activities of underground banks are spreading and the situation is still grave, says a report
Add BT as a preferred sourcePublished Fri, Nov 20, 2015 · 09:50 PM
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" have not only impacted China's foreign exchange management system, but also seriously disturbed the country's financial and capital markets order, the Communist Party's mouthpiece said in an article published on its website.
Share with us your feedback on BT's products and services
