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The State Administration of Foreign Exchange

The country is also expected to further strengthen the punitive measures on illegal currency outflows.

China to Clamp Down on Individual Foreign Currency Transactions

S. Rina   | Jan 02, 2017 09:57 AM EST

China is looking to enhance the surveillance on foreign currency purchases made by individuals. The country is also expected to further strengthen the punitive measures on illegal currency outflows. However, it is likely to keep the current $50,000 annual individual quota intact.

China’s war against underground banking and capital flow yielded solid results as the country uncovered $148 billion worth of illegal trades.

China Crackdown on Capital Flow, Yields $148-B in Illegal Trade

S. Rina   | Oct 21, 2016 10:16 PM EDT

China's war against underground banking and capital flow yielded solid results as the country uncovered $148 billion worth of illegal trades. The investigations are carried out by the State Administration of Foreign Exchange (SAFE) and are focused on capital outflows and foreign exchange transactions. The drive has already cracked 56 cases of illegal foreign exchange transactions this year so far.

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