What's news

Central bank, SAFE to monitor illegal forex deals

The State Administration of Foreign Exchange and the People's Bank of China have inked an agreement to collate information on illegal foreign exchange transactions in the central bank's financial credit information database. The SAFE said in a statement on Wednesday that from January 1, 2015, all illegal corporate and institutional foreign exchange transactions that constitute a substantial violation of law, would be incorporated into the credit system and displayed for five years. Illegal trading in foreign exchange, including but not limited to obtaining foreign exchange under false pretenses, illegal arbitrage, fraudulent foreign exchange purchase and settlement, changing the nature of forex use without authorization, and foreign exchange state control evasion. The agreement was signed to further implement the requirements under the Outline of Chinese Social Credit System Construction Plan (2014-20) issued by the State Council in June.

Big lenders extend support to railway financing plan