China to clampdown on illegal money transfers

Shanghai - China will step up its crackdown on illegal cross-border money transfers conducted by underground money dealers and offshore companies, as part of efforts to fight corruption, the central bank said on Saturday.

Authorities, including the People's Bank of China (PBOC), State Administration of Foreign Exchange (SAFE) and the police, will intensify measures to clampdown on illegal money outflows, the PBOC said in a statement on its website.

China has already detected 92 "major" cases involving more than 800bn yuan ($126bn) since launching the campaign in April this year, it added.

The crackdown is also seen aimed at curbing speculative money flows as Beijing gradually opens up its financial markets and promotes the yuan's usage in trade and investment.