China ceases forex services for more than 1,500 companies

China’s currency regulator suspended more than 1,500 companies from using trade-related foreign-exchange services following record capital outflows. The companies were found to be “shell corporates,” which didn’t conduct any business as of the end of August, the State Administration of Foreign Exchange said in a statement posted on its website on Tuesday. The authority also restricted its services, which include settlement and conversion, for about 700 companies owing to unlawful activities, it said.