Shenzhen finance center busted
By Xin Zhiming | China Daily | Updated: 2007-08-07 07:04
Foreign exchange and public security authorities have broken up a Shenzhen underground bank that was doing business nationwide, the State Administration of Foreign Exchange (SAFE) said yesterday.
The bank provided illegal funding for its clients to invest in the stock and property markets as well as other businesses.
The funds could amount to tens of billions of yuan, according to a statement on the SAFE's website.
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