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China steps up crackdown on underground foreign exchange trade

China's top court and prosecutors have stepped up clampdown on illegal foreign exchange trade by imposing tougher restrictions and stricter punishments as fears of capital flight grow.

Illegal or underground foreign exchange trade involving over 5 million yuan ($741,600) or yielding profits of more than 100,000 yuan will be classified as a severe violation, under the new rule which took effect this month.

Underground bankers trading in large amounts of foreign exchanges will now be charged with the crime of operating an illegal business and risk more than five years in jail. Before . . .

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