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China FX regulator says will forge ahead with crack down on underground banks
December 14, 2016 / 1:25 AM / a year ago

China FX regulator says will forge ahead with crack down on underground banks

BEIJING, Dec 14 (Reuters) - China’s foreign exchange regulator said it will continue to crack down on underground banks in order to safeguard financial and economic security, according to a statement posted on its website on Wednesday.

Following a meeting with the Ministry of Public Security, the third this year, the State Administration of Foreign Exchange (SAFE) said the two bodies will maintain intense pressure to clamp down on illegal banks and keep foreign exchange management orderly.

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

Reporting by Beijing Newsroom; Editing by Shri Navaratnam

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