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Chinese Foreign Exchange Administration Warned about Illegal Activities

Well-known Chinese news site Netease recently republished a report from Xiamen Daily News that the State Administration of Foreign Exchange, Xiamen Branch, issued a public risk warning on illegal foreign exchange activities. The warning said that, without approval and authorization from the Administration, no organization is allowed to conduct the business of exchanging Chinese currency for any foreign currencies. Any organization without a permit will have to face law enforcement. The warning listed the authorized local commercial banks as well as companies that have a permit. Some companies may require a prior appointment for doing an exchange transaction. {Editor’s note: before the great Reform that Deng Xiaoping started, China used to have a large foreign exchange black market. In the past few decades, since the government authorized organizations have had an ample supply of foreign currency, especially the U.S. dollar, the black market nearly disappeared from everyday life. However, recently, the Chinese government has been tightening up the supply of U.S. dollars.}

Source: Netease, July 2, 2018
http://xiamen.news.163.com/18/0702/16/DLNKIL2504418D23.html

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