The Central Bank of China

PRESS RELEASE Release Date: November 4, 2003




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Important Measures in October 2003

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 October 2003:

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

1.Fuhwa Bank: FCY Interest Rate swaps.

2.Land Bank: NTD/FCY options.

3.ChiaoTung Bank: FCY Interest Rate options.

   2.Authorized 2 branches of Bank SinoPac to operate foreign exchange business. In addition, 37 non-authorized foreign exchange banks were approved to   sell/buy foreign currency banknotes and traveler's checks. As of the end of October, there were 1,070 authorized foreign exchange banks, including 1,003 domestic banks and 67 foreign banks.