China intensifies its crackdown on underground banks this year. That's the word from the State Administration of Foreign Exchange.

The head of SAFE's inspection division -- Zhang Shenghui -- says the agency will continue to work with the public security bureau and other departments in fight against illegal banks. Zhang says his agency will also move to block channels for black market transactions. Underground bank transactions last year topped 1 trillion yuan. Analysts say underground banking presents an increasing threat to China's financial security.