China's forex regulator releases violators, tighening controls on "hot money" inflows

22:18, December 10, 2010      

Email | Print | Subscribe | Comments | Forum 

China's foreign exchange regulator Friday published a list of companies and one individual involved in illegal foreign exchange deals, in an effort to tighten controls on "hot money" inflows.

The statement posted on the State Administration of Foreign Exchange (SAFE) website was the second such disclosure after SAFE published the first list in November.

The illegal transactions included the use of fake contracts and false claims to obtain speculative capital. All those named had been fined for their law-breaking.

Fourteen companies based in eight provinces, including northeast China's Liaoning Province and the eastern provinces of Zhejiang and Fujian, were named in the statement.

In one case, Shenzhen-based Yestock Information Technology (Shenzhen) Co., Ltd. and Shenzhen Chuangtou Electronic Information Technology Co., Ltd., used a fake contract worth 10.65 million Hong Kong dollars (1.37 million U.S. dollars) to send 9.9 million yuan into the stock market.

It also named a Chinese national surnamed Huang, who illegally received 1.75 million U.S. dollars in November and December 2008, by using 18 outdated export cargo declarations.

Previously, the SAFE listed nine bank branches and outlets found to have been involved in illegal foreign exchange transactions.

By the end of October, China's foreign exchange regulator had uncovered 197 cases of illegal foreign exchange transactions worth 7.34 billion U.S. dollars since its crackdown on "hot money" inflows was launched in February.

Source: Xinhua


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Fireworks light up the Shanghai sky last night on the eve of National Day. Addressing a reception yesterday marking the 62nd anniversary of the founding of the People's Republic of China, Premier Wen Jiabao pledged to improve people's livelihoods and uphold social equality and justice. "We will continue to give top priority to improving people's livelihoods in all our endeavors and address pressing issues directly affecting people's interests," the premier said. Wen vowed to maintain general price stability as well as implement policies to regulate the real estate market and plans for building government-subsidized housing. He said the government will tighten supervision over workplace safety and food and drug safety, improve the social security system, protect the environment and ensure people live happy and secure lives.
  • Chinese President Hu Jintao (C, front) and other members of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, including Wu Bangguo, Wen Jiabao, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang, He Guoqiang and Zhou Yongkang, walk towards the Monument to the People's Heroes in Tian'anmen Square of Beijing, capital of China, Oct. 1, 2011. China's top leaders laid flower baskets at the monument on Saturday morning to mark the 62th anniversary of the country's founding. (Xinhua/Li Tao)
  • Five-month-old twin girls, An An (left) and Xin Xin, meaning safe and relieved in Chinese and carrying the good wishes of their parents, leave a Shanghai hospital yesterday, less than four weeks after a September 5 surgery to separate the conjoined twins from Zhejiang Province. They were born connected at the liver, chest bone and heart sac, the covering around the heart. Though they shared one liver and used one pericardium, they have their own hearts.
  • Models present cheongsams designed by Chen Yanqin during a fashion show in Yantai, east China's Shandong Province, Sept. 30, 2011. More than 100 creations of cheongsams, a traditional Chinese women's dress also known as mandarin gown or Qipao, were displayed here Friday. (Xinhua/Li Mingfang)
  • Citizens watch fireworks exploding over the Jingtian Lake during a music firework show in Shanghai, east China, Sept. 30, 2011, on the eve of the National Day. (Xinhua/Pei Xin)
  • A member of the media takes a look at a Bluecar, an electric-powered car made by French company Bollore, at a media presentation in Vaucresson, west of Paris, yesterday. The Bluecars have a range of 250 kilometers in urban use and a maximum speed of 130km per hour, and will be available to rent in the streets of Paris under the name of Autolib. The four-seater Bluecars will be positioned at 1,200 stations in the French capital, where customers can pick them up and drop them off, and will be available around the clock. Users must have a valid driver's license and pay a subscription fee to borrow one of the vehicles.
Hot Forum Discussion