In one illegal money-transfer - the biggest discovered in China so far - Chinese funds worth about 410 billion yuan (HK$500 million) worth of Chinese money was transferred overseas using non-resident accounts, exploiting regulatory loopholes. File photo: Reuters
China’s crackdown on underground banks uncovers illegal money transfers of more than US$125bn
Problem of illegal flows of ‘grey capital’, which has had impact on mainland’s foreign exchange management system, is spreading and still serious, People’s Daily newspaper reports
In one illegal money-transfer - the biggest discovered in China so far - Chinese funds worth about 410 billion yuan (HK$500 million) worth of Chinese money was transferred overseas using non-resident accounts, exploiting regulatory loopholes. File photo: Reuters