China cracks over 200 cases involving crimes related to foreign exchange in 2 years

BEIJING -- In the past two years, China's State Administration of Foreign Exchange has worked in cooperation with judicial organs across the country to crack over 200 cases involving crimes related to foreign exchange such as illegal business operations.

Over 1,100 cases involving illegal foreign exchange trading, evasion, fraud and other regulatory violations have been handled administratively, with fines totaling 1.5 billion yuan (about $211 million).

The Supreme People's Procuratorate (SPP) cautioned about the significant volume of illegal fund exchange information circulating on social networks and livestreaming platforms.

In the next step, the SPP will work with the SAFE to enhance law enforcement and judicial cooperation to maintain the healthy order of the foreign exchange market.