24 May 2019

SAFE cracks down on US$2.5 bln fake export deals, Xinhua says

The State Administration of Foreign Exchange (SAFE), China’s forex regulator, said on Monday that it has uncovered 1,076 fake export transactions this year, involving 112 companies, as of end-November, Xinhua news agency reported the same day. The fake transactions involved US$2.5 billion in combined invoice amount, it said. Of the 112 firms, 41 are being handed administrative penalty, while 12 others have been passed on to the police for further investigation and prosecution, the report said. The regulator reiterated the need to ensure authenticity of trade activities and urged banks to step up due diligence in approving credit, it said.

– Contact HKEJ at [email protected]



EJI Weekly Newsletter

Please click here to unsubscribe