Cen­tral bank, SAFE to mon­i­tor il­le­gal forex deals

China Daily (Canada) - - BUSINESS -

The State Ad­min­is­tra­tion of For­eign Ex­change and the Peo­ple’s Bank of China have inked an agree­ment to col­late in­for­ma­tion on il­le­gal for­eign ex­change trans­ac­tions in the cen­tral bank’s fi­nan­cial credit in­for­ma­tion data­base. The SAFE said in a state­ment onWed­nes­day that from Jan­uary 1, 2015, all il­le­gal cor­po­rate and in­sti­tu­tional for­eign ex­change trans­ac­tions that con­sti­tute a sub­stan­tial vi­o­la­tion of law, would be in­cor­po­rated into the credit sys­tem and dis­played for five years. Il­le­gal trad­ing in for­eign ex­change, in­clud­ing but not limited to ob­tain­ing for­eign ex­change un­der false pretenses, il­le­gal ar­bi­trage, fraud­u­lent for­eign ex­change pur­chase and set­tle­ment, chang­ing the na­ture of forex use with­out au­tho­riza­tion, and for­eign ex­change state con­trol eva­sion. The agree­ment was signed to fur­ther im­ple­ment the re­quire­ments un­der the Out­line of Chi­nese So­cial Credit Sys­tem Con­struc­tion Plan (2014-20) is­sued by the State Coun­cil in June.

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