China’s forex regulator SAFE has uncovered almost $10 billion in fraudulent trade as part of a nationwide investigation begun in April last year, including many irregularities in the port of Qingdao.
Wu Ruilin, a deputy head of SAFE’s inspection department, said at a briefing in Beijing that companies “faked, forged and illegally re-used” documents for exports and imports.
The trades have “increased pressure from hot money inflows and provided an illegal channel for criminals to move funds,” Wu said, adding that those involved in such fraud would be severely punished
Is anyone really surprised?
Thanks to AndyB for the heads up. Full article from Bbg here
