BEIJING – China’s foreign exchange regulator named and shamed 10 banks that had assisted illegal capital outflows, vowing to crack down on fake forex transactions in authorities’ latest effort to stabilise the sliding yuan.
The State Administration of Foreign Exchange (SAFE) listed 10 “typical” cases of misdeeds in a statement on its website on Thursday, involving money flowing overseas illegally through bank businesses such as offshore loans, trade finance, and outbound investment.
The misconduct involved local branches of 10 lenders that included some of the country’s top banks, between 2017 and 2020, the regulator said.
SAFE said it will “strengthen the supervision of the for…
Keep on reading: China forex regulator warns against illegal money outflows