SHANGHAI Dec 28 China's foreign exchange
regulator said on Wednesday it busted illegal transactions
totalling $2.7 billion in Shanghai in cooperation with the
police in 2016, and suspended three unnamed banks involved from
selling foreign currency.
State Administration of Foreign Exchange (SAFE) did not name
three banks, or say whether the suspensions had been lifted. But
the statement posted on its website said SAFE would intensify a
crackdown on illegal cross-border money transfers, and
violations would be punished harshly.
SAFE also said it severely punished companies involved
faking trades to make illegal cross-border transfers.
China's yuan currency is freely convertible under the
current account, but Beijing has stepped up measures to help
stem capital outflows to ease depreciation pressure as the
currency has skidded to more than eight-year lows.
(Reporting by Winni Zhou and David Stanway; Editing by Simon