Money

China uncovers $7.3b fraudulent FX deals

(Agencies)
Updated: 2010-10-28 17:19

China has uncovered 197 fraudulent foreign exchange transactions worth $7.34 billion in a 8-month crackdown on "hot money" flows this year, the foreign exchange regulator said on Thursday.

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The State Administration of Foreign Exchange has punished eight bank outlets involved in the foreign exchange dealings, it said in a statement on its website (www.safe.gov.cn).