Important Measures in November 2006
PRESS RELEASE Release Date: December 13, 2006
Important Measures in November 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 November 2006:
1.To boost the financing of NT dollar and promote domestic investments, 「The Guideline for Member Banks’ Providing NT Dollar Loans to Foreigners without Permanent Residence」, stipulated by the Bankers Association of the Republic of China, has been passed by the CBC.
2.Approved Standard Chartered Bank to operate import/export related foreign exchange business through Internet instructions.
3.Approved First Commercial Bank, Hua Nan Securities, ABN AMRO Asia Ltd., Taipei Branch to underwrite Formosa bonds.
4.Approved AEGON Life Insurance (Taiwan) Inc. to operate investment-linked insurance business in foreign currencies,
5.Approved Polaris Securities to act as a single master agent for Russell Investments Ireland Ltd. and Russell Investments Ltd. in offering and selling offshore funds in Taiwan.
6.Approved 1 branch of Taiwan Cooperative Bank to sell/buy foreign currency banknotes and traveler’s checks. As of the end of November 2006, there were 1,147 authorized foreign exchange banks, including 1,083 domestic banks and 64 foreign banks.