Approved foreign exchange business in December 2008
PRESS RELEASE Release Date: January 13, 2009
Approved foreign exchange business in December 2008
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:
1. Taichung Commercial Bank, the Second Credit Cooperative of Keelung, the Tamshui First Credit Cooperative Bank and the Credit Cooperative of Taoyuan to sell/buy Renminbi banknotes.
2. Credit Suisse to conduct NTD/FCY Options.
3. ABN AMRO Bank to conduct FCY Structured Products composed of FCY Time Deposits linked to FCY Options via the negative list approach.
4. Deutsche Bank AG to act as offshore funds’ domestic trustees to manage the sale of funds to specific clients privately.
5. Metropolitan Life Insurance Co., and Manulife (International) Ltd. to conduct both non-investment-linked insurance business settled in foreign currencies and foreign currency loans secured by the same insurance policy.
6. 13 branches of 4 banking enterprises to operate foreign exchange business and 1 branch of E. Sun Commercial Bank to sell/buy foreign currency banknotes and traveler’s checks. As of the end of December 2008, there were 1,327 authorized foreign exchange banks, including 1,234 domestic banks and 93 foreign banks.