China’s foreign exchange regulator has uncovered $10bn in fake cross-border trade since April last year and has turned 15 cases over to police in a crackdown aimed at curbing hot money flows.
Speculators have long used inflated trade invoices as a means to skirt China’s strict capital controls and convert foreign currency into renminbi, aiming to profit from currency appreciation and higher interest rates.
The State Administration of Foreign Exchange (Safe) launched an investigation into the practice last April after several months in which official export data appeared heavily inflated by fake invoices.
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