The Central Bank of China

PRESS RELEASE Release Date: March 3, 2004




--------------------------------------------------------------------------------

Important Measures in February 2004

In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Central Bank of China (CBC) announced the following measures in February 2004:

1. Approved the following Authorized Banks to operate new foreign exchange derivatives business:

(1) Bank of Taiwan: FCY Interest Rate Swaps.

(2) The Chinese Bank: Foreign Currency Structured products composed of Foreign Currency Time Deposits and Foreign Currency Options.

(3) Bank of Panhsin: NTD/Foreign Currency Options.

(4)Hua Nan Commercial Bank: FCY Interest Rate Options.

(5) Far Eastern International Bank: Foreign Currency Equity Options and Foreign Currency Structured products composed of NT Dollar Time Deposits or FCY Time Deposits linked with FCY Equity Options.

(6). Fu Hwa Commercial Bank: FCY Interest Rate Swaptions.

(7). The Standard Bank of South Africa Ltd.: NT Dollar Structured Deposits composed of NT Dollar Time Deposits and Foreign Currency Options.

(8). ANZ Bank: NTD/FCY Cross Currency Swaps.

2. 3 non-authorized foreign exchange banks were approved to sell/buy foreign currency banknotes and traveler's checks. As of the end of February 2004, there were 1,078 authorized foreign exchange banks, including 1,011 domestic banks and 67 foreign banks.