According to Xinhua News Agency, the Supreme People’s Court (SPC) and Supreme People’s Procuratorate (SPP) have issued a joint circular on Several Issues concerning the Application of Law in the Trial of Criminal Cases of Fraudulent Purchase of Foreign Exchange and Illegal Foreign Exchange Trading, which stating that any unlawful foreign currency trading actions like speculative buying and selling and foreign exchange fraud that disrupt the order of financial market in severe cases will be imposed a punishment for business crimes.
新华社消息，最高人民法院、最高人民检察院日前联合发布《关于办理非法从事资金支付结算业务、非法买卖外汇刑事案件适用法律若干问题的解释》，规定实施倒买倒卖外汇或者变相买卖外汇等非法买卖外汇行为，扰乱金融市场秩序，情节严重的，以非法经营罪定罪处罚。
According to the person in charge of the relevant departments of the Supreme People’s Court and the Supreme People’s Procurator, the illegal foreign exchange trading way of underground banks mainly by peculative buying and selling through a traditional form of direct domestic transactions, and through the way of Cross-border cash in payment named “DuiQiao” in and out of China.
据最高人民法院、最高人民检察院有关部门负责人介绍，实践中，地下钱庄非法买卖外汇主要有较为传统的以境内直接交易形式实施的倒买倒卖外汇行为和当前常见的以境内外“对敲”方式进行资金跨国（境）兑付的变相买卖外汇行为。
Peculative buying and selling means criminals “buy low sell high” in the internal black market and earn profits from the exchange rate differential. Such banks are commonly known as “Forex Scalpers”.
倒买倒卖外汇，是指不法分子在国内外汇黑市进行低买高卖，从中赚取汇率差价。此类钱庄俗称为“换汇黄牛”。
Buying and selling foreign exchange in disguised form, means the trading happens in form but not a direct business between RMB and Foreign Exchange, which through the measures like paying RMB with foreign exchange or paying foreign exchange with RMB, realize the transformation of value though the exchange between Forex and RMB.
变相买卖外汇，是指在形式上进行的不是人民币和外汇之间的直接买卖，而采取以外汇偿还人民币或以人民币偿还外汇、以外汇和人民币互换实现货币价值转换的行为。
Cross-border payment of funds is a typical disguised foreign exchange trading behavior. Transnational (Border) Cash-in Underground Banks, criminals collude with foreign personnel, enterprises and institutions, or open bank accounts abroad, or assist others in cross-border remittance and transfer of funds. Underground Banks like this called Transnational (Border) Cash-in Underground Banks, which means the money flows by a one-way circulation without physical money flowing at home and abroad and normally will achieve the balance in the form of account verification .
资金跨国（境）兑付是一种典型的变相买卖外汇行为。跨国（境）兑付型地下钱庄，不法分子与境外人员、企业、机构相勾结，或利用开立在境外的银行账户，协助他人进行跨境汇款、转移资金活动。这类地下钱庄又被称为跨国（境）兑付型地下钱庄，即资金在境内外实行单向循环，没有发生物理流动，通常以对账的形式来实现“两地平衡”。
At present, the main business of most of the underground banks is the cross-border payment of funds, resulting in a huge capital outflow, which is a major target to crack down.
现在多数地下钱庄的主要业务是资金跨国（境）兑付，导致巨额资本外流，社会危害性巨大，属重点打击对象。
According to the interpretation, unlawfully engaging in fund payment and settlement business or illegal trading of foreign exchange under one of the following situation shall be deemed as “severe violations” of illegal business operations:
根据解释，非法从事资金支付结算业务或者非法买卖外汇，具有下列情形之一的，应当认定为非法经营行为“情节严重”：
Any illegal forex trade involving more than 5 million yuan or yielding profits of more than 100,000 yuan should be classified as a severe violation.
（一）非法经营数额在五百万元以上的；（二）违法所得数额在十万元以上的。
Cumulative transactions of greater than 25 million yuan (US$3.69 million) or 500,000 yuan (US$73,745) in unlawful earnings, outlined as an“extraordinarily extreme”violation.
非法从事资金支付结算业务或者非法买卖外汇，具有下列情形之一的，应当认定为非法经营行为“情节特别严重”：
（一）非法经营数额在二千五百万元以上的；（二）违法所得数额在五十万元以上的。
Soure from：中税国际国际部