Approved foreign exchange business in July 2010
PRESS RELEASE Release Date: August 12, 2010
Approved foreign exchange business in July 2010
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:
1. In order to further satisfy growing demand, ensure a stable supply of Renminbi new banknotes, lower the cost of exchange between NTD and Renminbi, and stamp out counterfeit Renminbi banknotes, the Bank and Financial Supervisory Commission amended “Regulations Governing the Administration and Settlement of Renminbi in the Taiwan Area” on July 13, 2010 and approved Bank of Taiwan and Mega International Commercial Bank to engage in the business of supplying Renminbi banknotes.
2. The Bank issued a letter on July 13, 2010 to set out the responsibilities of ordering authorized institutions (AIs), cover intermediary AIs and beneficiary AIs, under the SWIFT’s MT202 COV payment instruction, which will be effective from November 1, 2010.
3. 15 branches of 6 banking enterprises to operate foreign exchange business. As of the end of July 2010, there were 1,564 authorized foreign exchange banks, including 1,500 domestic banks and 64 foreign banks.