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BEIJING Chinese regulators will clamp down on banks' and companies' use of foreign currency for trade finance by ensuring that trade deals are authentic and by monitoring for unusual cross border cash flows, state media reported.
The report did not specify the illegal activities targeted by the State Administration of Foreign Exchange (SAFE) in the clampdown.Repair Mindray 35C50EA China is in the midst of an effort to quell currency speculation, however.
Banks have not fulfilled a duty to carry out their own investigations into the use of foreign currency, prompting SAFE to carry out its assessments and punish institutions accordingly, Xinhua reported on Saturday.
According to SAFE, the authenticity and compliance of long term trade financing will be a particular focus of the crackdown, the report said.
Penalties for any illegal activity will be increased, Xinhua said. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
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| current | 23:29, 21 March 2016 | | 600 × 600 (220 KB) | CdasCDxc (Talk | contribs) | BEIJING Chinese regulators will clamp down on banks' and companies' use of foreign currency for trade finance by ensuring that trade deals are authentic and by monitoring for unusual cross border cash flows, state media reported. The report did not sp... |
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