Foreign exchange
Source: Xinhua |
July 30, 2010, Friday
|
Print Edition
Print Edition
CHINA'S foreign exchange regulator said yesterday that it will increase punishments for illegal foreign exchange activities.
The move plans to help curb hot money inflows and promote sound development of foreign exchange management, the State Administration of Foreign Exchange said in a statement.
During the inspections in the past two years, SAFE found that some banks had relaxed approval regulations in a bid to quickly expand foreign exchange business. The names of the erring banks were not listed.
The regulator said it will intensify the scope and frequency of investigations into banks' foreign exchange activities.
The move plans to help curb hot money inflows and promote sound development of foreign exchange management, the State Administration of Foreign Exchange said in a statement.
During the inspections in the past two years, SAFE found that some banks had relaxed approval regulations in a bid to quickly expand foreign exchange business. The names of the erring banks were not listed.
The regulator said it will intensify the scope and frequency of investigations into banks' foreign exchange activities.
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