Economic

China police swoop over $125bn in illegal cash transfers

Chinese police have arrested hundreds of people suspected of running underground banks that illegally transferred more than Rmb800bn ($125bn) out of China into foreign currencies.News of the busts comes as Beijing has been tightening capital controls to relieve downward pressure on the value of the renminbi and stop money flooding out of the country.

Source: China police swoop over $125bn in illegal cash transfers – FT.com

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