Black market bank shut down

A huge Shanghai underground bank conducting millions of dollars worth of black market foreign currency transactions has been shut down by authorities, state media reported. Fifteen people were arrested in the sting operation. The "black" bank served seven provinces and involved 90 domestic and foreign firms. A recent government report said China's underground lending totaled US$92.64bn, or 30% of the legitimate lending from state banks, and most funds were lent to small- and medium-sized enterprises.