BEIJING—China’s central bank is increasingly finding itself in a bind, balancing its need to continue easing credit to support economic growth against its stated goal of keeping the Chinese currency stable.
China’s Internet has lit up with debate this week after reports of a mother who left her young son alone in her BMW – then refused to smash the luxury car’s windows in order to rescue him from the heat.
The mother, who has not been named in Chinese news reports, has since denied that she opposed smashing the window and says that she tried to break it herself, to no avail.
The incident took place last Saturday night, when firefighters in the city of Yiwu in coastal Zhejiang province received a call alerting them that a child was locked inside a BMW, according to the Zhejiang Online provincial news site.
In the midst of turmoil in the Chinese stock markets, one serious problem that may appear is increased currency outflows created by current and potential investors who would rather move their assets to foreign countries viewed as safer havens. Money laundering should be under close surveillance.
Chinese involvement in money laundering has been growing. “China leads the world in illicit capital flows,” according to the 2015 International Narcotics Control Strategy Report (INCSR) of the Bureau of International Narcotics and Law Enforcement Affairs of the U.S. State Department, which monitors international money laundering. The report not only states that China is a leading source of illegal money transfers, but that it consistently fails to cooperate with other countries in resolving cross-border money laundering.