China says it will crack down on ‘financial innovation’ FX irregularities

BEIJING (Reuters) – China foreign exchange regulator said on Monday it will crack down this year on foreign exchange irregularities that are conducted under the guise of financial innovation.

Following a meeting with the Ministry of Public Security, the State Administration of Foreign Exchange (SAFE) said the two bodies will crack down on illegal currency transactions and keep foreign exchange management orderly.

China will also punish people involved in underground banks, in order to safeguard financial and economic security, SAFE said on its website.

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