China cracks down on illegal FX trading
Market participants call for legal pathways to trade on monitored platforms
China’s foreign exchange regulator has fined 17 banks and individuals for dodging currency controls – its latest move to clamp down on illicit capital outflows and defend the yuan as the currency weakens amid escalating trade tensions.
Among the violators are branches of Industrial and Commercial Bank of China and Agricultural Bank of China, two of the nation’s five-biggest state-owned banks, as well as medium-sized commercial banks such as Bank of Nanjing and China Merchants Bank. They failed
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