China FX regulator says will forge ahead with crackdown on underground banks

[BEIJING] China's foreign exchange regulator said it will continue to crack down on underground banks in order to safeguard financial and economic security, according to a statement posted on its website on Wednesday.

Following a meeting with the Ministry of Public Security, the third this year, the State Administration of Foreign Exchange (Safe) said the two bodies will maintain intense pressure to clamp down on illegal banks and keep foreign exchange management orderly.

The two have worked closely together this year to disrupt illegal foreign exchange activities of underground banks, the regulator added.

REUTERS