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Shanghai Customs Crack Down Currency Smuggling
Shanghai Customs handled an increased number of currency smuggling cases in the first nine months of the year.
According to a custom official, customs handled 103 smuggling cases involving 42.49 million yuan (US$5.12 million) in airports and through the postal system.
"We call for the public to abide by the law, and remit foreign currencies abroad, if in proper use, through the Bank of China after getting permission of foreign exchange administrations," the official said.
Customs will step up efforts to crack down on illegal activities involving foreign exchange. Those who are found guilty of such crimes will be severely punished, according to the customs.
A number of factors were attributed to the rising trend of such cases. The nation intensified its efforts on reducing foreign currency smuggling through freight channels. Some people carried foreign currencies abroad and remitted back home to invest in China's B-Share stocks, which exclusively require foreign currencies.
From the beginning of this year, the country decreased interest rates and began to levy interest tax, which widens the interest gaps of foreign currency savings in China and in foreign countries.
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