Important Measures in July 2008
PRESS RELEASE Release Date: August 12, 2008
Important Measures in July 2008
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank took the following measures in July 2008:
1.Approved Nan Shan Life Insurance Co. to conduct non-investment-linked insurance business settled in foreign currencies and foreign currency loans secured by the same insurance policy.
2.Approved China Securities Investment Consulting Co. to act as offshore funds’ domestic trustee to manage the sale of funds to specific clients privately.
3.Allow E. Sun Commercial Bank to conduct FCY Structured Products composed of NTD Time Deposits linked to FCY IRS and FCY IRO via the negative list approach.
4.Authorized 18 branches of 8 banking enterprises to operate the full range of foreign exchange business. As of the end of July 2008, there were 1,286 authorized foreign exchange banks, including 1,196 domestic banks and 90 foreign banks. In addition, 7 branches of 3 banking enterprises were approved to sell/buy foreign currency banknotes and traveler’s checks.