China Steps up Supervision on Foreign Exchange Trading

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Last updated at: (Beijing Time) Wednesday, January 15, 2003

China Steps up Supervision on Foreign Exchange Trading

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The People's Bank of China (PBOC) introduced a supervisory procedure Wednesday on large-sum and suspicious foreign exchange trading, in a bid to monitor foreign exchange trading and standardize reports.

Under the procedure, financial institutions conducting foreign exchange businesses in China should report any large-sum and suspicious foreign exchange trading to the State's foreign exchange administrative departments.

The procedure provides detailed descriptions of such trading and spells out specific penalties for counter activities.

The procedure will come into effect on March 1 this year.

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