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China Foreign Exchange Watchdog Finds $10 Billion in Fake Trade
China uncovered almost $10 billion in fraudulent trade nationwide as part of an investigation begun in April last year, including many irregularities in the port of Qingdao, a foreign exchange official said today. Companies “faked, forged and illegally re-used” documents for exports and imports, including in Qingdao, Wu Ruilin, a deputy head of the State Administration of Foreign Exchange’s inspection department, said at a briefing in Beijing. The agency identified the fake invoicing as part of a crackdown on the practice in 24 cities and provinces, Wu said. The fraudulent trades have “increased pressure from ... (full story)
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