china renminbini yuan currency

By: Economic & Finance Report

China has stopped and cracked down on a $65 billion dollar banking ring. Some $65 billion dollars in foreign currency had been shifted within and outside the country, along illegal transactions and wiring.

It is indicated that over 370 people have been arrested; who may have been involved with the international plot. Chinese authorities have been monitoring the network for over a year, and this past April 2015 took aggressive action to monitor and heavily investigate the underground banking network.

The Chinese government is trying to stabilize the yuan currency while monitoring and mobilizing currency that outflows and inflows inside the second biggest economy. -SB

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