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

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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
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