Un­der­ground banks crack­down to stay

China Daily (Hong Kong) - - BUSINESS -

The coun­try’s for­eign ex­change reg­u­la­tor said on Wednesday it would con­tinue to crack down on un­der­ground banks, to im­prove for­eign ex­change man­age­ment and safe­guard eco­nomic and fi­nan­cial se­cu­rity. The State Ad­min­is­tra­tion of For­eign Ex­change said it would main­tain in­tense pres­sure to clamp down on il­le­gal banks, among other un­law­ful ac­tiv­i­ties, ac­cord­ing to a state­ment posted on its web­site. The state­ment was pub­lished af­ter a meet­ing with the Min­istry of Pub­lic Se­cu­rity, the third this year, vowed to work closely to­gether to dis­rupt il­le­gal for­eign ex­change ac­tiv­i­ties. The to­tal sum of over­seas in­vest­ments has grown rapidly, with some us­ing cap­i­tal with COM­PA­NIES & MAR­KETS

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