CHINA> Regional
    Officials work to stop flow of 'hot money'
    By Zhan Lisheng (China Daily)
    Updated: 2009-08-18 08:56

    GUANGZHOU: Police say they are keeping close watch on rampant illegal banking, which has been linked to the flow of billions of dollars in "hot money" every year.

    Hot money is stolen cash that can be traced back to a crime, such as marked currency or new bills with consecutive serial numbers.

    "We've spared no efforts in dealing with the illegal private banks; however, it is by no means easy to track them down," an official with the provincial public security department's economic crime investigation bureau told China Daily.

    "Our bureau has been watching the rapid inflow of international hot money very closely, while tracking down the illegal banks," the official said.

    The flow of international hot money grew in China in April and has been gaining speed ever since, said Li Youhuan, a researcher with the provincial academy of social sciences, citing the outcome of a recent study.

    Related readings:
    Officials work to stop flow of 'hot money' Brake on hot money leads to drop in FDI
    Officials work to stop flow of 'hot money' China gets $122b hot money influx in Q2
    Officials work to stop flow of 'hot money' Hot money may trigger market reversal: Analysts
    Officials work to stop flow of 'hot money' Facing cold realities of global hot money
    Officials work to stop flow of 'hot money' 
    Expert: Financial data shows outflow of hot money in July

    Official estimates of the hot money transactions stood at $87.9 billion in the second quarter of this year.

    "The exact figure must be much, much higher than that," he said.

    According to Li, much of the hot money has flowed in via the illegal private banks in Shenzhen, while Hong Kong has been an important entrance for the international hot money.

    The recent decision of two banks in Shenzhen to impose quotas on ATM cash withdrawals has much to do with the abnormal inflow of hot money and the rampancy of illegal private banks.

    The Industrial and Commercial Bank of China's Shenzhen branch set the upper limit of ATM cash withdrawal at 10,000 yuan per day, compared with 20,000 yuan previously in mid-July.

    The local branch of the Agricultural Bank of China set the upper limit at 5,000 yuan per day in May.

    Imposing a quota on ATM cash withdrawals was carried out once in Shenzhen in late 2007, when international hot money kept gushing into China, but was soon abolished after strong complaints from the public.

    According to a recent report on Central China TV (CCTV), illegal private banks have run so unbridled in Guangdong that many grocery stores in Shenzhen and in some cities in the east of the province have become the outlets of such illegal banking facilities, doing foreign currency exchange business.

    Besides the on-the-spot foreign currency exchange business, an illegal private bank can help an overseas client transfer money to the mainland in less than half an hour, and then the client can withdraw the money directly in RMB, the report said.

    And it charges generally 0.15 percent to 0.2 percent of the sum transferred, much lower than legal banking institutions.

    Most of the illegal private banks on the mainland are owned by financial firms or foreign exchange firms in Hong Kong, which are legal there, the report said.

    China cracked down on 45 cases related to illegal private banks during a special campaign from September 2007 to October 2008, tracking some 105 billion yuan in hot money, official statistics indicate.

     

     

    国产精品无码无片在线观看| 一本大道久久东京热无码AV| 中文字幕无码毛片免费看| 伊人久久综合无码成人网| 亚洲日韩中文无码久久| 久久久久久无码国产精品中文字幕| 国产AV无码专区亚洲AV漫画| 久久亚洲春色中文字幕久久久| 69天堂人成无码麻豆免费视频 | 18禁黄无码高潮喷水乱伦| 中文字幕精品久久久久人妻| 亚洲精品无码鲁网中文电影 | 亚洲高清中文字幕免费| 97人妻无码一区二区精品免费| 亚洲Av永久无码精品三区在线| 人妻中文久久久久| 日本久久久久久中文字幕| 精品久久久中文字幕人妻| 亚洲 无码 在线 专区| 乱人伦人妻中文字幕无码| 成?∨人片在线观看无码| 日日摸日日碰夜夜爽无码| 亚洲一区爱区精品无码| 无码国产精品一区二区免费| 日韩免费在线中文字幕| 在线欧美天码中文字幕| 亚洲av中文无码| 人妻丰满熟妇aⅴ无码| 伊人久久无码中文字幕| 国产在线拍偷自揄拍无码| 精品人妻系列无码一区二区三区| 亚洲日韩AV一区二区三区中文 | 国产成人精品无码一区二区三区| 亚洲美日韩Av中文字幕无码久久久妻妇 | 再看日本中文字幕在线观看| 制服在线无码专区| 日韩精品无码人成视频手机 | 无码人妻熟妇AV又粗又大| 无码人妻精品一区二区三区在线| 无码人妻丰满熟妇区免费| 无码人妻精品一区二区三区99仓本 |