Advertisement
U.S. markets open in 8 hours 45 minutes
  • S&P Futures

    5,209.00
    -5.75 (-0.11%)
     
  • Dow Futures

    39,214.00
    -9.00 (-0.02%)
     
  • Nasdaq Futures

    18,182.25
    -49.25 (-0.27%)
     
  • Russell 2000 Futures

    2,048.70
    -1.10 (-0.05%)
     
  • Crude Oil

    82.57
    -0.15 (-0.18%)
     
  • Gold

    2,164.20
    -0.10 (-0.00%)
     
  • Silver

    25.31
    +0.05 (+0.18%)
     
  • EUR/USD

    1.0871
    -0.0006 (-0.05%)
     
  • 10-Yr Bond

    4.3400
    -4.3400 (-100.00%)
     
  • Vix

    14.33
    -0.08 (-0.56%)
     
  • GBP/USD

    1.2713
    -0.0015 (-0.12%)
     
  • USD/JPY

    150.0270
    +0.9290 (+0.62%)
     
  • Bitcoin USD

    65,277.54
    -3,082.32 (-4.51%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,722.55
    -4.87 (-0.06%)
     
  • Nikkei 225

    39,740.51
    +0.11 (+0.00%)
     

Chinese police detain seven in multi-billion underground currency scheme

SHANGHAI (Reuters) - Police in southern China have detained seven people in connection with an underground banking scheme involving more than 20 billion yuan (£2.27 billion), the state news agency Xinhua reported.

From a suspicious bank account in Shaoguan, a city in Guangdong province, the investigation snowballed to involve a suspected 10,000 people and 148 accounts across more than 20 provinces, Xinhua reported.

The suspects allegedly profited from changes in the exchange rates for yuan and Hong Kong dollars, it said without giving details.

The yuan, or renminbi, is not fully convertible and the government limits the amount of foreign currency to which individuals and businesses in China have access, which has given rise to networks of underground money changers and banks.

(Reporting by John Ruwitch; Editing by Eric Meijer)

Advertisement