Business
        

Top News

SAFE tighening controls on 'hot money' inflows

Updated: 2010-12-11 14:11

(Xinhua)

Twitter Facebook Myspace Yahoo! Linkedin Mixx

BEIJING - China's foreign exchange regulator on Dec 10 published a list of companies and one individual involved in illegal foreign exchange deals, in an effort to tighten controls on "hot money" inflows.

The statement posted on the State Administration of Foreign Exchange (SAFE) website was the second such disclosure after SAFE published the first list in November.

Related readings:
SAFE tighening controls on 'hot money' inflows HK Officials again deny hot money inflows
SAFE tighening controls on 'hot money' inflows Hot money inflow raises concern
SAFE tighening controls on 'hot money' inflows Hot money waiting to enter Chinese mainland from HK
SAFE tighening controls on 'hot money' inflows China to curb hot money inflows disguised as FDI

The illegal transactions included the use of fake contracts and false claims to obtain speculative capital. All those named had been fined for their law-breaking.

Fourteen companies based in eight provinces, including northeast China's Liaoning province and the eastern provinces of Zhejiang and Fujian, were named in the statement.

In one case, Shenzhen-based Yestock Information Technology (Shenzhen) Co Ltd and Shenzhen Chuangtou Electronic Information Technology Co Ltd, used a fake contract worth HK$10.65 million ($1.37 million) to send 9.9 million yuan into the stock market.

It also named a Chinese national surnamed Huang, who illegally received $1.75 million in November and December 2008, by using 18 outdated export cargo declarations.

Previously, the SAFE listed nine bank branches and outlets found to have been involved in illegal foreign exchange transactions.

By the end of October, China's foreign exchange regulator had uncovered 197 cases of illegal foreign exchange transactions worth $7.34 billion since its crackdown on "hot money" inflows was launched in February.

E-paper

Ear We Go

China and the world set to embrace the merciful, peaceful year of rabbit

Preview of the coming issue
Carrefour finds the going tough in China
Maid to Order

European Edition

Specials

Mysteries written in blood

Historical records and Caucasian features of locals suggest link with Roman Empire.

Winning Charm

Coastal Yantai banks on little things that matter to grow

New rules to hit property market

The State Council launched a new round of measures to rein in property prices.

Top 10 of 2010
China Daily in Europe
The Confucius connection