深圳与香港之间的地下汇兑活动一直十分活跃,但是,我们对其规模、运作方式及可能引发的问题一直知之甚少。最近,我们专门组织人员对此进行了调查。调查的基本结论是:两地地下金融活动(主要是人民币同港币之间的汇兑)的规模已经十分巨大,人民币和港币资金在深圳与香港之间的流动已经基本突破了资本项目的管制约束。 一、深圳与香港之间地下金融活动的主要方式 据深圳市公安局经济侦察分局的有关负责人介绍,深圳与香港之间的地下金融活动有着比较发达的组织网络,并形成了专业化操作。这些地下金融组织首先在深圳注册成立公司,开 Underground exchange activities between Shenzhen and Hong Kong have been very active. However, we have little understanding of the scale, mode of operation and the problems that may arise. Recently, we conducted a special investigation of the organization’s staff. The basic conclusion of the investigation is that the scale of the underground financial activities (mainly the exchange between the RMB and the Hong Kong dollar) of the two places is already very huge. The flow of RMB and Hong Kong dollar funds between Shenzhen and Hong Kong has basically exceeded the capital controls. I. Main Ways of Underground Financial Activities between Shenzhen and Hong Kong According to the relevant person in charge of the Economic Investigation Branch of Shenzhen Public Security Bureau, the underground financial activities between Shenzhen and Hong Kong have a more developed organizational network and have formed specialized operations. These underground financial organizations first set up a company in Shenzhen, open