China's State Administration of Foreign Exchange (SAFE) reported 15 cases of foreign exchange violations on Thursday, including the case of false entrepot trade between Ping An Bank Xiamen Branch and Everbright Bank Haikou Branch, and the case of improper advance payment by the Guangzhou Branch of the Bank of East Asia and the case of improper domestic insurance and foreign loan by the Dalian Branch of the People's Bank of China.
According to the notice published in the SAFE, from September 2015 to September 2016, Ping An Bank Xiamen Branch handled the business of payment of foreign exchange through entrepot trade on the basis of false contracts and bills of lading. It was fined 2.8 million yuan.
From December 2015 to May 2016, the Haikou Branch of Everbright Bank handled the business of payment of foreign exchange through entrepot trade on the basis of false contracts and bills of lading. He was fined and confiscated 800,000 yuan.
From February to May 2016, the Guangzhou Branch of the Bank of East Asia failed to perform its auditing duties. In the case of many obvious inconsistencies between the import contract and the invoice of goods, it violated the regulations to handle the business of payment of advance payment. He was fined and confiscated 500,000 yuan.
From July 2015 to March 2016, Dalian Branch of Minsheng Bank failed to fulfill its auditing responsibility when conducting domestic and foreign loan signing and remittance business, and did not conduct due diligence and investigation on the source of expected repayment funds and related transaction background as required. He was fined and confiscated 30.733 million yuan.
In addition, several cases of evasion of foreign exchange by companies and illegal trading of foreign exchange by individuals were reported.
Influenced by uncertainties in Sino-US trade frictions, China's foreign exchange market fluctuates sharply. Strengthening the monitoring of cross-border capital flows is also an important part of China's foreign exchange management.
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