China Targeted Fed to Build Informant Network, Access Data, a Probe Says

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By Kate O’Keeffe and Nick Timiraos

China tried to construct a community of informants contained in the Federal Reserve system, at one level threatening to imprison a Fed economist throughout a visit to Shanghai until he agreed to supply nonpublic financial information, a congressional investigation discovered.

The investigation by Republican workers members of the Senate’s Committee on Homeland Safety and Governmental Affairs discovered that over a decade Fed workers had been offered contracts with Chinese talent recruitment packages, which regularly embrace money funds, and requested to supply info on the U.S. financial system, rate of interest adjustments and insurance policies, in response to a report of the findings launched on Tuesday.

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