China's irregular forex trade hits $2.5bUpdated: 2013-12-17 09:55
BEIJING - Chinese companies fabricated forex trade to the tune of $2.5 billion in the first 11 months of 2013, the State Administration of Foreign Exchange (SAFE) said on Monday.
A total of 112 companies were involved in irregular financing, of which 41 are facing administrative sanction and 12, which are suspected of breaking the law, are being dealt with by public security departments, SAFE said in a report.
SAFE urged both home-grown and foreign banks to be extra vigilant of authenticity and compliance to control risk and support the actual needs of the real economy.
SAFE will step up supervision of banks and cross-border capital to ensure economic and financial security.