Chinese officials on Monday promised a crackdown on foreign exchange irregularities conducted under the guise of financial innovation.

The Ministry of Public Security and the State Administration of Foreign Exchange said that they will supervise illegal currency transactions and keep foreign exchange management orderly. SAFE said it will also punish those involved in underground banks in order to safeguard financial and economic security. The two agencies investigated about 100 underground bank cases in 2017, involving hundreds of billions of yuan. The illegal banks convicted in those cases were fined more than 200 million yuan.