China watchdog finds $10B in fake currency 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, the country's currency regulator said today. Companies "faked, forged and illegally re-used" documents for exports and imports, Wu Ruilin, a deputy head of the State Administration of Foreign Exchange's inspection department, said at a briefing in Beijing.

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