China slams speculative inflow banks
The State Administration of Foreign Exchange (Safe) found the foreign banks, along with 19 domestic banks, had breached capital controls by channelling speculative foreign capital into the country’s stock and property markets.
In a statement posted on the Safe website, the regulator said since last year, the council has been pushing reform on FX and strengthening controls over the flow of FX, targeting, among other areas, trading services and the debt market.
Compliance failure
Though the
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