China's FX Regulator Deputy Chief Li Bin Says Over 300 Cases, More Than RMB 400 Million Fined in H1

On July 17, Li Bin, deputy head of China's State Administration of Foreign Exchange, said at a State Council Information Office briefing that the regulator has tightened foreign exchange market supervision and cracked down on illegal FX activity, including underground banks. According to 36Kr, authorities handled more than 300 related cases in the first half of the year and imposed fines and confiscations totaling more than RMB 400 million, helping maintain order in the FX market.