AGL 42.34 Increased By ▲ 3.80 (9.86%)
AIRLINK 128.52 Decreased By ▼ -0.98 (-0.76%)
BOP 6.20 Increased By ▲ 0.59 (10.52%)
CNERGY 4.05 Increased By ▲ 0.19 (4.92%)
DCL 8.51 Decreased By ▼ -0.22 (-2.52%)
DFML 40.70 Decreased By ▼ -1.06 (-2.54%)
DGKC 87.62 Decreased By ▼ -0.68 (-0.77%)
FCCL 34.25 Decreased By ▼ -0.75 (-2.14%)
FFBL 66.35 Decreased By ▼ -1.00 (-1.48%)
FFL 10.51 Decreased By ▼ -0.10 (-0.94%)
HUBC 108.61 Decreased By ▼ -0.15 (-0.14%)
HUMNL 14.60 Decreased By ▼ -0.06 (-0.41%)
KEL 4.70 Decreased By ▼ -0.05 (-1.05%)
KOSM 7.26 Increased By ▲ 0.31 (4.46%)
MLCF 42.70 Increased By ▲ 1.05 (2.52%)
NBP 61.50 Increased By ▲ 1.90 (3.19%)
OGDC 180.20 Decreased By ▼ -2.80 (-1.53%)
PAEL 25.80 Decreased By ▼ -0.45 (-1.71%)
PIBTL 6.06 Increased By ▲ 0.09 (1.51%)
PPL 146.01 Decreased By ▼ -0.69 (-0.47%)
PRL 24.10 Increased By ▲ 0.49 (2.08%)
PTC 16.50 Decreased By ▼ -0.06 (-0.36%)
SEARL 70.40 Increased By ▲ 2.10 (3.07%)
TELE 7.29 Increased By ▲ 0.06 (0.83%)
TOMCL 36.13 Increased By ▲ 0.18 (0.5%)
TPLP 7.86 Increased By ▲ 0.01 (0.13%)
TREET 15.50 Increased By ▲ 1.30 (9.15%)
TRG 50.61 Increased By ▲ 0.16 (0.32%)
UNITY 26.90 Increased By ▲ 0.15 (0.56%)
WTL 1.24 Increased By ▲ 0.03 (2.48%)
BR100 9,819 Increased By 13.9 (0.14%)
BR30 29,700 Increased By 21.5 (0.07%)
KSE100 92,331 Increased By 26.4 (0.03%)
KSE30 28,785 Decreased By -55.6 (-0.19%)

China has jailed five people for their part in running an illegal currency exchange business that handled billions of yuan in swaps between Hong Kong and the country's south, state media reported on Saturday.
The business, based in Shenzhen, with branches in neighbouring 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. The five were handed sentences ranging between 16 to 24 months and fined between 5,000 and 20,000 yuan for running the Guangzhou branch and illegally transferring more than 2.2 billion yuan, the paper said.
The mastermind of the operation, a Hong Kong resident originally from Guangdong, was still awaiting trial. Beijing has pledged to crack down harder on illegal capital flows between Hong Kong and the country's south, which stem in part from China's restrictions on currency conversion. Chinese Premier Wen Jiabao last year warned that illegal fund flows could harm the country's financial stability.

Copyright Reuters, 2008

Comments

Comments are closed.