2015-11-20

One Chinese Underground Bank Moved $64 Billion

Bloomberg: China Cracks $64 Billion `Underground Bank' Moving Money Abroad
The case brought the total for underground banking and money-laundering activities to 800 billion yuan since April, the newspaper said.
One thing to keep in mind: the outflows represent real demand for foreign currency, assets and/or investments. Closing underground banks does nothing to deal with this demand.

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