In comparison, China’s foreign exchange reserves are about $3 trillion. Nonetheless, wealthy Chinese are often attempting to move their money outside the country to places such as the US and Switzerland.
Chinese police say they have broken up a gang that smuggled $3 billion out of the country amid efforts by Beijing to stem an outflow of capital from the economy.
The official Xinhua News Agency says seven people were detained. It said they were accused of moving money illegally using 148 bank accounts opened in 20 provinces with stolen identity cards.
Chinese authorities have steadily tightened foreign-exchange controls to stem an outflow of capital from the world’s second-largest economy.
From CIW NEWS Contributor
Shaoguan, Guangdong, China
China (CN) is estimated to have a population of 1,380.0 million with a growth rate during 2010-2015 of 0.5% pa.
At the same rate of change, in five years' time its population will increase by 34.8 million.