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People's Daily Online>>China Business

China tightens grip on hot money

By Luo Lan (People's Daily Overseas Edition)

12:39, November 23, 2011

Edited and translated by People's Daily Online

Since the beginning of 2011, the State Administration of Foreign Exchange has used heavy-handed measures to crack down on hot money. Recently, Deng Xinhong, vice director-general of the administration, was interviewed regarding the issue of coping with and cracking down on illegal capital flows, including hot money.

The administration confiscated 260 million yuan of hot money in the first half of 2011.

Question: What achievements has the administration made in 2011 in cracking down on illegal capital flows, including hot money?

Deng: Since the beginning of 2011, the State Administration of Foreign Exchange has been using heavy-handed measures to crack down on hot money and has made remarkable achievements.

In the first half of 2011, the administration investigated and treated nearly 1,900 illegal foreign exchange cases and the money involved totaled more than 16 billion U.S. dollar, up 26 percent and 27 percent, respectively, compared to figures for the same period of 2010.

The administration confiscated 260 million yuan in total administrative penalties in the first half of 2011, and the number for the full year of 2010 was 243 million yuan.

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