Important Measures in September 2006
PRESS RELEASE Release Date: October 18, 2006
Important Measures in September 2006
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 2006:
1. Approved Mega International Commercial Bank to conduct wealth management services involving foreign exchange transactions.
2. Approved Cathay United Bank to commence internet banking business involving foreign currencies.
3. Approved BNP Paribas, Taipei Branch to commence foreign exchange business through internet instructions.
4. Approved Citibank, Taipei Branch to commence foreign exchange business through fax instructions.
5. Approved Deutsche Bank, Taipei Branch to operate “structured products composed of NTD deposits linked with dbX-Harmony of FCY Hedge Fund Index with CPPI technique”.
6. Allowed China Development Industrial Bank to conduct “structured products composed of NTD deposits linked with IRS and IRO” by notifying the CBC after the commencement of business without CBC’s objection.
7. Approved Cathay United Bank, Mega Bank, Polaris Securities, Fuhwa Securities, Yuanta Core Pacific Securities, Cathay Securities, Taiwan Securities, First Taisec Securities, Fubon Securities, President Securities, SinoPac Securities, TopTrade Securities and Capital Securities to underwrite bonds of international board.
8. Approved Yuanta Core Pacific Securities and Fuhwa Securities to handle private placement of offshore funds on behalf of clients.
9. Approved First Taisec Securities and President Securities to handle consigned trading of foreign securities.
10.Authorized 3 branches of 3 banking enterprises to operate the full range of foreign exchange business. In addition, 8 branches of 4 banking enterprises were approved to sell/buy foreign currency banknotes and traveler’s checks. As of the end of September 2006, there were 1,146 authorized foreign exchange banks, including 1,082 domestic banks and 64 foreign banks.