China’s campaign to crack down on illegal capital outflows saw its currency regulator bust underground banking operations that involved more than 1 trillion yuan ($148 billion), according to Bloomberg. The State Administration of Foreign Exchange also seized $8.43 billion in foreign exchange funds as part of the nationwide checks on illegal outflows, the Financial News reported Thursday, citing Zhang Shenghui, an official at the regulator. SAFE suspended foreign exchange settlement and sales at three banks earlier this year after they failed authentication checks, the report said, without naming the lenders. SAFE confirmed the report in an e-mailed statement and said the agency would continue to monitor abnormal cross-border capital flows and crack down on underground banks to maintain stability of the foreign-exchange market.
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