China capital flow crackdown sees one trillion-yuan bust
Report says regulator acted against underground banking operations
Fri, Oct 21, 2016 - 5:50 AM
News of the crackdown underscores both the desire of the Chinese to diversify money out of their country, and the authorities' determination to restrict outflows that put pressure on the yuan.
CHINA'S campaign to crack down on illegal capital outflows saw its currency regulator bust underground banking operations that involved more than one trillion yuan (S$206 billion), according to a newspaper published by the country's central bank.