(MENAFN) China is planning to increase supervision on commercial banks' trade finance businesses, in a bid to fight fake financing activities and stop abnormal cross-border forex movement, Xinhua reported.
The State Administration of Foreign Exchange (SAFE) said that local branches in the country should urge banks to improve the authenticity and compliance examinations for trade finances carried out.
In a statement, SAFE said that banks should "actively support authentic trade finance demands by the real economy, but prevent companies from getting trade finance by making up trade backgrounds."
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