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China to intensify crackdown on illegal money transfers to fight corruptio

´╗┐SHANGHAI Oct 10 China will step up its crackdown on illegal cross-border money transfers conducted by underground money dealers and offshore companies, as part of efforts to fight corruption, the central bank said on Saturday. Authorities, including the People's Bank of China (PBOC), State Administration of Foreign Exchange (SAFE) and the police, will intensify measures to clampdown on illegal money outflows, the PBOC said in a statement on its website.

China has already detected 92 "major" cases involving more than 800 billion yuan ($126 bln) since launching the campaign in April this year, it added.

The crackdown is also seen aimed at curbing speculative money flows as Beijing gradually opens up its financial markets and promotes the yuan's usage in trade and investment.

Citi merges us leveraged finance with syndication

´╗┐NEW YORK Citigroup Inc has combined its U.S. leveraged finance and syndication teams to improve its coverage of clients and capitalize on synergies, the bank said in a memo to employees. The move follows the successful model the bank has implemented in investment grade debt and equity capital markets, according to the memo, which was sent to Citi employees on Thursday and relayed to Reuters by a person familiar with the matter on Friday. The merger of the leveraged finance and loan syndication teams is not expected to result in any job cuts, the person added. Citi declined to comment.

In the memo, Citi said Tom Cole and John McAuley will be co-heads of U.S. leveraged finance and Barbara Matas will be chairperson of U.S. leveraged finance, effective immediately.

They will report to John Chirico and Richard Zogheb, co-heads of capital markets origination for the Americas. Citigroup's new chief executive, Mike Corbat, has promised investors the third-largest U.S. bank will do a better job delivering value for shareholders during his tenure, after the board abruptly ousted his predecessor, Vikram Pandit, in October.

Bloomberg News reported on the merger of the leveraged finance and loan syndication units earlier on Friday.