China capital flow crackdown sees one trillion-yuan bust
Report says regulator acted against underground banking operations
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Beijing
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.
The State Administration of Foreign Exchange (SAFE) also seized US$8.43 billion in foreign exchange funds as part of the nationwide checks on illegal outflows, the Financial News reported on Thursday, citing Zhang Shenghui, an official at the regulator. SAFE didn't immediately respond to questions submitted by fax by Bloomberg.
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