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U.S. Army Captain Michael Kelvington, commander of the Battle company, 1-508 Parachute Infantry battalion, 4th Brigade Combat Team, 82nd Airborne Division, bows next to remains of Gulam Dostager, a member of Afghan Local Police who was killed in the blast of an Improvised Explosive Device (IED) during the joint Tor Janda (Black Flag in Pashtu) operation, in Zahri district of Kandahar province, southern Afghanistan May 25, 2012. REUTERS/Shamil Zhumatov (AFGHANISTAN - Tags: MILITARY CIVIL UNREST CONFLICT TPX IMAGES OF THE DAY)

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U.S. Army Captain Michael Kelvington, commander of the Battle company, 1-508 Parachute Infantry battalion, 4th Brigade Combat Team, 82nd Airborne Division, bows next to remains of Gulam Dostager, a member of Afghan Local Police who was killed in the blast of an Improvised Explosive Device (IED) during the joint Tor Janda (Black Flag in Pashtu) operation, in Zahri district of Kandahar province, southern Afghanistan May 25, 2012. REUTERS/Shamil Zhumatov (AFGHANISTAN - Tags: MILITARY CIVIL UNREST CONFLICT TPX IMAGES OF THE DAY)

Reuters Photojournalism

Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography.  See more | Photo caption 

Members of the U.S. Navy Blue Angels fly over the World Trade Center in lower Manhattan as part of the 25th annual Fleet Week celebration in New York, May 23, 2012. REUTERS/Eduardo Munoz (UNITED STATES - Tags: MILITARY ANNIVERSARY TPX IMAGES OF THE DAY)

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China breaks up large underground bank ring

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BEIJING | Mon Aug 10, 2009 1:50am EDT

BEIJING (Reuters) - Police in southern China have broken up a ring that operated as an underground bank to illegally send around 10 billion yuan ($1.46 billion) abroad since 2004, state media said on Monday.

Eight of the 11 people arrested were Vietnamese, who operated in the southern region of Guangxi, which borders Vietnam, Xinhua news agency said.

Most of the money was sent to Vietnam, the report added.

Beijing has pledged to crack down harder on illegal capital flows across its borders, which stem in part from the country's restrictions on currency conversion.

Two years ago, Chinese Premier Wen Jiabao warned that illegal fund flows could harm the country's financial stability. ($1=6.834 Yuan)

(Reporting by Ben Blanchard; Editing by Dean Yates)
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