Important Measures in September 2004
The Central Bank of China
PRESS RELEASE Release Date: October 15, 2004
Important Measures in September 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 September 2004:
1. In order to simplify the application procedures for raising securities
investment trust funds in foreign currencies, effective Sept. 8, 2004,
securities investment trust enterprises are required to apply for the above-said
business with the required documents once only. There after, approved securities
investment trust enterprises don't need to reapply for approval to raise
securities investment trust funds in foreign currencies on a case by case basis.
2. In order to improve the banks' ability to identify counterfeit U.S. currency
notes, CBC invited U.S. Secret Service to hold eight identification training
seminars from Sept. 6 to Sept. 10 in Taipei city and Kaohsiung city.
3. Approved the following Authorized Banks to operate new foreign exchange
derivatives business:
(1) Chang Hwa Commercial Bank: FCY Forward Rate Agreement.
(2) Citibank Taipei Branch: Structured Product composed of NTD Interest Rate
Derivatives and FCY Interest Rate Derivatives. Structured Product composed of
NTD Time Deposits linked with above-mentioned Structured Products.
4. 2 non-authorized foreign exchange banks were approved to sell/buy foreign
currency banknotes and traveler's checks. As of the end of September 2004, there
were 1,093 authorized foreign exchange banks, including 1,027 domestic banks and
66 foreign banks.