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China Breaks Up $64-billion Underground Banking Network

China says it has cracked its biggest-ever underground banking network, which handled 410 billion yuan ($64 billion) in illegal foreign exchange transactions. The bust, reported Friday by state media, comes as Beijing struggles to stem illicit capital outflows. The People's Daily newspaper said more than 370 people were detained and punished in the case. It said Chinese authorities uncovered over 800 billion yuan ($126 billion) worth of underground banking and money laundering...

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