Five Jailed In China For Running Underground “Bank”

From Reuters:

China has jailed five people for their part in running an illegal business that handled billions of yuan in swaps between Hong Kong and the country’s south, state media reported Saturday.

The business, based in Shenzhen, with branches in neighboring Hong Kong and Guangzhou, capital of southern Guangdong province, had handled more than 4.3 billion yuan ($629.2 million) in money transfers between 2006 and May this year, the China Daily said.

“It helped overseas clients exchange their currencies into Hong Kong dollars, which would be then converted into yuan and sent to the mainland,” the paper said.

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