HSBC, Stan-Chart targeted in China forex crackdown
Friday, 29 June 2007
HONG KONG, June 28 (AFP): HSBC and Standard Chartered confirmed today they were among banks targeted in a crackdown by China's foreign exchange regulator on speculative capital inflows.
The two banks said they had recently been inspected by the State Administration of Foreign Exchange (SAFE) and had taken action to ensure they complied with China's forex rules.
SAFE said Tuesday it would crack down on fraudulent export transactions that disguise the movement of speculative funds after finding "some problems" in commercial banks' foreign exchange dealings.
The two banks said they had recently been inspected by the State Administration of Foreign Exchange (SAFE) and had taken action to ensure they complied with China's forex rules.
SAFE said Tuesday it would crack down on fraudulent export transactions that disguise the movement of speculative funds after finding "some problems" in commercial banks' foreign exchange dealings.