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1,500 forex 'shell' companies banned
By Feng Jianmin |
September 5, 2012, Wednesday
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Print Edition
Print Edition
CHINA'S currency regulator had banned 1,500 'shell' companies, which didn't conduct any business, from trading foreign currencies by the end of August amid tightened risk control over cross-border capital flows.
Forex businesses of another 700 firms were also curbed after irregularities were found, a State Administration of Foreign Exchange statement said. The regulator has stepped up inspection of cross-border money flow after the government introduced new forex settlement rules for traders in July that trimmed their paperwork and compliance costs. China has recorded the biggest quarterly outflow of foreign capital in the second quarter with a US$71.4 billion capital-account deficit, earlier SAFE data showed.
Forex businesses of another 700 firms were also curbed after irregularities were found, a State Administration of Foreign Exchange statement said. The regulator has stepped up inspection of cross-border money flow after the government introduced new forex settlement rules for traders in July that trimmed their paperwork and compliance costs. China has recorded the biggest quarterly outflow of foreign capital in the second quarter with a US$71.4 billion capital-account deficit, earlier SAFE data showed.
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