The Central Bank of China

PRESS RELEASE Release Date: April 6, 2002




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Important Measures in March, 2002

In line with the policy of liberalization and internationalization, and for further development of foreign exchange business, the Central Bank of China (CBC) took the following measures in March 2002:

1. On March 30, 2002, the Central Bank of China amended articles 3,6,6-1 as well as 6-2 of the "Regulations Governing the Declaration of Foreign Exchange Receipts and Disbursements or Transactions" which is in accordance with the promulgation of the "Electronic Signatures Law" and the development of net services of foreign exchange operations of the authorized foreign exchange banks. The major amendment is that obligatory declarant can use internet to declare his foreign exchange receipts and disbursements or transactions through authorized foreign exchange banks approved by the Central Bank doing internet foreign exchange operations. So that, we can achieve the policy goal of electronized governments.

2. Approved the following Authorized Banks to operate derivatives business:

(1) International Bank of Taipei operates Foreign Currency Interest Rate Swaps business.

(2) Ta Chong Bank Ltd., operates Foreign Currency Interest Rate Swaps business.

(3) ABN-AMRO Bank, Taipei Branch operates NT Dollar Structured Deposits business, which is composed of NT Dollar Deposits and Foreign Currency Equity Options, Foreign Currency Structured Deposits business, which is composed of Foreign Currency Deposits and Foreign Currency Equity Options.

(4) Chinatrust Commercial Bank operates Foreign Currency Forward Option business.

3. Authorized 2 branches of SINO bank to operate foreign exchange business. In addition, 10 non-authorized foreign exchange banks were approved to sell/buy foreign currency banknotes and traveler's checks. As of the end of March, there were 990 authorized foreign exchange banks, including 923 domestic banks and 67 foreign banks.