China acts on forex-related violations

BEIJING - China's foreign exchange regulator dealt with 1,996 cases involving forex-related violations last year, according to a report made public Wednesday.

The State Administration of Foreign Exchange said in the annual report that it fined and confiscated a total of 431 million yuan ($65 million).

The regulator stepped up inspections on financial institutions last year to ensure their forex businesses complies with laws and regulations, the report said.

The administration also made checks on illegal flow of funds, and worked with other departments on more than 80 underground bank cases involving a total value of 1 trillion yuan.

This year, the regulator will step up authenticity checks of banks' forex businesses, reinforce cooperation with other departments and promote the creation of a credit system related to forex, according to the report.