Important Measures in June 2006
PRESS RELEASE Release Date: July 12, 2006
Important Measures in June 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 June 2006:
1.Approved CitiBank, Taipei Branch to expend the scope of internet banking business to trade and handle inquiry of structured products composed with FCY deposits and FCY Options.
2.Approved Taipei Fubon Commercial Bank to commence foreign exchange business through internet instructions.
3. Approved Taiwan Shin Kong Commercial Bank to commence foreign exchange business through internet instructions.
4.Approved E. Sun Commercial Bank to commence internet banking business involving foreign currencies.
5.Approved The International Commercial Bank of China to commence internet ATM business involving foreign currencies.
6.Allowed the following authorized banks to conduct foreign exchange derivatives business by notifying the CBC after the commencement of business without CBC objection：
(1) China Development Industrial Bank：FCY Options.
(2)Bank Of Overseas Chinese：FCY Structured products composed with FCY Time Deposits linked with FCY Options.
(3)Sumitomo Mitsui Banking Corporation：Structured products composed with FCY Options linked with FCY Time Deposits.
7.Approved BOWA Successful Asset Management to handle private placement of offshore funds on behalf of clients.
8.Approved Union Securities Investment Trust Co. Ltd. to handle public offer or private placement of funds in foreign currencies.
9.Approved Trustwell Securities Investment Trust Co. to handle private placement of funds in foreign currencies.
10.Approved Jih Sun Securities Co. Ltd. to handle consigned trading of foreign securities, the settlement of the consignor’s money/securities and the receipt/payment of fees in NTD.
11.Authorized 4 branches of 2 banking enterprises to operate the full range of foreign exchange business. In addition, 17 branches of 7 banking enterprises were approved to sell/buy foreign currency banknotes and traveler’s checks. As of the end of June 2006, there were 1,133 authorized foreign exchange banks, including 1,069 domestic banks and 64 foreign banks.