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Regulatory malaise putting stress on China’s private banking industry amid capital outflows: experts

Chinese authorities are not moving fast enough when it comes to compliance reporting and the tracking of illegal cross border capital flows, industry experts tell Asian Private Banker. While the State Administration of Foreign Exchange (SAFE) has seen some success in recent months, swooping on several underground banking dens – including a US$64 billion Zhejiang-based operation – for illegally moving…

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