China FX regulator and Ministry of Public Security to keep cracking down on underground banks


china yuan

China’s foreign exchange regulator shared it will continue a campaign to crack down on the operations of underground banks that help people move money offshore, as Beijing steps up efforts to curb capital outflows.

Following a meeting with the Ministry of Public Security, the State Administration of Foreign Exchange (SAFE) commented it will continue working closely with the police to clamp down on illegal banks and also keep foreign exchange management orderly.

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

Several government agencies have issued public statements in recent weeks to flag the greater scrutiny on capital outflows as the domestic currency weakens against the U.S. dollar.

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China FX regulator and Ministry of Public Security to keep cracking down on underground banks

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