China Strikes Illicit Trade of Foreign ExchangeChina will launch a nationwide crack-down against illicit activities concerning the trading of foreign currencies in a bid to regulate the foreign exchange market.According to officials with the State Administration of Foreign Exchange, the administration and the Ministry of Public Security have recently issued a notice on cracking down such illegal activities. Foreign exchange administrations at various levels and police will also cooperate to root out black markets of foreign exchange and underground banks because they could provide foreign exchange for smuggling and money laundering. In accordance with China's laws, those involved in illegal trade of foreign currencies exceeding 200,000 U.S. dollars or illegal gains of 50,000 yuan (about 6,046 U.S. dollars) will face criminal charges. Administrative punishments will be imposed on those involved in illegal trade of foreign currencies below the above standards. |
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