China Reports Breaking Up Gang That Moved $3 Billion Abroad

An employee arranges genuine bundles of Chinese one-hundred yuan banknotes at the Counterfeit Notes Response Center of KEB Hana Bank in Seoul, South Korea, on Monday, Aug. 14, 2017. China's factory output and investment slowed somewhat in July, according to data released today, yet the yuan appeared not to take the data as negative, if in fact it's paying attention to it at all.Photographer: SeongJoon Cho/Bloomberg

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By Associated Press

November 24, 2017 at 4:23 AM UTC

Updated on

November 24, 2017 at 6:38 AM UTC

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Beijing (AP) -- Chinese police say they have broken up a gang that smuggled 20 billion yuan ($3 billion) out of the country, evading financial controls imposed by Beijing to stem an outflow of capital from the economy.

Seven suspects were detained in the case centered in the southern city Shaoguan near Hong Kong but as many as 10,000 people might have been involved, the official Xinhua News Agency reported.