China Cracks Down on Underground Money Laundering, Fines Exceed $600M in H1 2026

According to China's State Administration of Foreign Exchange (SAFE) Deputy Director Li Bin, the regulator cracked down on illegal foreign exchange activities including underground money operations in the first half of 2026. SAFE handled over 300 cases and imposed penalties and confiscations exceeding 400 million yuan ($600 million) during the period, effectively maintaining order in the forex market.
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