China will fight illegal capital flows to safeguard economy: report
2012-01-30 17:01:23
China will continue to crack down on illegal cross-border capital flow in 2012 in order to protect economic and financial security, Xinhua News Agency said Saturday citing a report from the State Administration of Foreign Exchange.
In 2011, the foreign exchange regulator investigated 3,488 cases of cross border irregularities, and confiscated a total of CNY 503 million in illegal funds. The figure was more than double the amount collected in the prior year.
About 17 cases investigated by the SAFE involved major illegal cross-border capital flow into the property and financial markets.
The regulator vowed to strengthen the monitoring of foreign exchange transactions and avoid risks from abnormal cross-border capital movement.