China’s foreign exchange regulator named and shamed 10 banks that had assisted illegal capital outflows. The misconduct involved local branches of 10 lenders that included some of the country’s top banks. The State Administration of Foreign Exchange (SAFE) listed 10 ‘typical’ cases of misdeeds in a statement on its website. The yuan has tumbled against a surging dollar over the past month. China’s central bank said on Wednesday that stabilising the foreign exchange market is the top priority, and warned against one-way currency bets. The People’s Bank of China has also asked major state-owned banks to be prepared to sell dollars in offshore markets, sources told Reuters.SAFE said it will strengthen oversight of cross-border trade and investment . . .
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