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China FX regulator says will forge ahead with crack down on underground banks
December 14, 2016 / 1:29 AM / a year ago

China FX regulator says will forge ahead with crack down on underground banks

BEIJING (Reuters) - 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.

Euro, Hong Kong dollar, U.S. dollar, Japanese yen, British pound and Chinese 100-yuan banknotes are seen in a picture illustration shot January 21, 2016. REUTERS/Jason Lee/Illustration/File Photo

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.

Reporting by Beijing Newsroom; Editing by Shri Navaratnam

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