According to news from State Administration of Foreign Exchange (SAFE), China intensified the adjustment of foreign exchange market order in 2001 with some 123 illegal foreign exchange trading spots cracked down. Police seized 822 suspects, with foreign exchange totaling US$ 12.68 million captured and some RMB 21.54 million-yuan traced back.
Spokesman of the SAFE said that illicit transaction is a big danger harming the country's economic security and normal foreign exchange transaction order. Since last year, SAFE has made the crackdown as its important task and launched various activities to achieve it.
China launched a united strike on illegal transactions in October in 5 provinces and cities with some 133 suspects seized by police, a sum-total of US$ 1.996 million captured involving 10 kinds of foreign currencies. The activity scored some progress for it has helped in purifying the market order and curbing the crimes.
Measures were also taken in other provinces to crack down on illicit foreign currency trading. In the meantime, SAFE adjusted part of foreign exchange management policies, for example, it loosened its policy on students' usage of foreign currency for overseas study.
The spokesman said that SAFE will cooperate with related police departments to root out underground banks and black market in order to further regulate foreign exchange market and maintain normal economic order.
(People's Daily January 30, 2002)
